1 00:00:00,000 --> 00:00:00,000 starttime 1242161768.73947 2 00:00:00,001 --> 00:00:01,000 AMENDMENT NUMBER 1067 WITH THE 3 00:00:01,001 --> 00:00:03,000 TIME EQUALLY DIVIDED AND CONTROLLED BETWEEN THE LEADERS 4 00:00:03,001 --> 00:00:04,000 OR THEIR DESIGNEES. 5 00:00:04,001 --> 00:00:06,000 THAT NO AMENDMENT BE IN ORDER TO 6 00:00:06,001 --> 00:00:08,000 THE AMENDMENT PRIOR TO A VOTE, 7 00:00:08,001 --> 00:00:10,000 THAT ADOPTION OF THE AMENDMENT 8 00:00:10,001 --> 00:00:11,000 REQUIRE AN AFFIRMATIVE 60-VOTE THRESHOLD. 9 00:00:11,001 --> 00:00:12,000 FURTHER, IF THE AMENDMENT 10 00:00:12,001 --> 00:00:13,000 ACHIEVES THAT THRESHOLD, THAT 11 00:00:13,001 --> 00:00:14,000 THE AMENDMENT BE AGREED TO AND 12 00:00:14,001 --> 00:00:15,000 THE MOTION TO RECONSIDER BE LAID 13 00:00:15,001 --> 00:00:16,000 ON THE TABLE. 14 00:00:16,001 --> 00:00:19,000 THAT IF THE AMENDMENT DOES NOT 15 00:00:19,001 --> 00:00:20,000 ACHIEVE THAT THRESHOLD, THAN IT 16 00:00:20,001 --> 00:00:25,000 BE WITHDRAWN, PROVIDED THAT 17 00:00:25,001 --> 00:00:26,000 AMENDMENT NUMBER 68 BE WITHDRAWN 18 00:00:26,001 --> 00:00:27,000 AFTER THE I DID POSITION OF 1067. 19 00:00:27,001 --> 00:00:30,000 THAT NO AMENDMENTS BE IN ORDER 20 00:00:30,001 --> 00:00:32,000 TO H.R. 1067 THAT. 21 00:00:32,001 --> 00:00:33,000 AT 5:45 P.M. TODAY, THE S 22 00:00:33,001 --> 00:00:34,000 PROCEED TO VOTE IN RELATION TO 23 00:00:34,001 --> 00:00:37,000 AMENDMENT NUMBER 1067. 24 00:00:37,001 --> 00:00:38,000 AND THAT OF THE TIME OF THE 25 00:00:38,001 --> 00:00:40,000 REPUBLICANS, SENATOR COBURN, BE 26 00:00:40,001 --> 00:00:41,000 GIVEN 20 MINUTES AND ON THE 27 00:00:41,001 --> 00:00:44,000 DEMOCRATIC TIME, SENATOR 28 00:00:44,001 --> 00:00:45,000 FEINSTEIN BE GIVEN 15 MINUTES. 29 00:00:45,001 --> 00:00:46,000 THE PRESIDING OFFICER: IS THERE 30 00:00:46,001 --> 00:00:50,000 OBJECTION? 31 00:00:50,001 --> 00:00:51,000 WITHOUT OBJECTION. 32 00:00:51,001 --> 00:00:52,000 MR. COBURN: MR. PRESIDENT? THE PRESIDING OFFICER: THE 33 00:00:52,001 --> 00:00:54,000 SENATOFROM OKLAHOMA. 34 00:00:54,001 --> 00:00:55,000 MR. COBURN: WOULD YOU KINDLY 35 00:00:55,001 --> 00:00:56,000 ADVISE ME WHEN I HAVE TEN 36 00:00:56,001 --> 00:00:57,000 MINUTES REMAINING? 37 00:00:57,001 --> 00:00:58,000 THE PRESIDING OFFICER: I WILL. 38 00:00:58,001 --> 00:00:59,000 MR. COBURN: LET ME SAY TO THE 39 00:00:59,001 --> 00:01:00,000 MAJORITY LEADER BEFORE HE 40 00:01:00,001 --> 00:01:01,000 LEAVES, I WANT TO THANK HIM FOR 41 00:01:01,001 --> 00:01:03,000 HIS GOOD-FAITH EFFORT IN WORKING 42 00:01:03,001 --> 00:01:05,000 WITH US ON THIS AMENDMENT. 43 00:01:05,001 --> 00:01:07,000 I APPRECIATE THE MANNER IN WHICH 44 00:01:07,001 --> 00:01:09,000 HE'S DONE THAT. 45 00:01:09,001 --> 00:01:10,000 I WANT EVERYBODY TO KNOW WHAT MY 46 00:01:10,001 --> 00:01:11,000 MOTIVATION IS IN THIS. 47 00:01:11,001 --> 00:01:12,000 THIS ISN'T ABOUT A POLITICAL 48 00:01:12,001 --> 00:01:15,000 VOTE. 49 00:01:15,001 --> 00:01:18,000 I KNOW IT SEEMS 50 00:01:18,001 --> 00:01:19,000 FURTHER FROM THE TRUTH THAN 51 00:01:19,001 --> 00:01:20,000 ANYTHING THAT I KNOW. 52 00:01:20,001 --> 00:01:22,000 THIS IS ABOUT THE U.S. 53 00:01:22,001 --> 00:01:23,000 CONSTITUTION. 54 00:01:23,001 --> 00:01:27,000 WE HAVE TWO AGENCIES WITHIN THE 55 00:01:27,001 --> 00:01:28,000 FEDERAL GOVERNMENT WHO, THROUGH 56 00:01:28,001 --> 00:01:32,000 BUREAUCRATIC MEANS, NOT A VOTE 57 00:01:32,001 --> 00:01:34,000 OF THE CONGRESS, HAVE LIMITED 58 00:01:34,001 --> 00:01:36,000 SEVERELY THE SECOND AMENDMENT 59 00:01:36,001 --> 00:01:38,000 RIGHTS OF INDIVIDUALS IN THIS 60 00:01:38,001 --> 00:01:41,000 COUNTRY, BOTH ON NATIONAL PARK 61 00:01:41,001 --> 00:01:42,000 AND FISH AND 62 00:01:42,001 --> 00:01:45,000 LAND. 63 00:01:45,001 --> 00:01:50,000 THAT'S 190 MILLION ACRES. 64 00:01:50,001 --> 00:01:52,000 190 MILLION ACRESMENT 1980 MILLION ACRES. 65 00:01:52,001 --> 00:01:54,000 SO THE MOTIVATION IS FOR THE 66 00:01:54,001 --> 00:01:56,000 CONGRESS TO DECIDE WHEN WE'RE 67 00:01:56,001 --> 00:01:59,000 GOING TO TAKE AWAY RIGHTS 68 00:01:59,001 --> 00:02:01,000 GUARANTEED UNDER T CONSTITUTION. 69 00:02:01,001 --> 00:02:06,000 NOW, WE'VE HAD A RECENT SUPREME 70 00:02:06,001 --> 00:02:11,000 COURT RULING THAT HAS UPHELD THE 71 00:02:11,001 --> 00:02:14,000 FASHION FOR WHAT IT REALLY IS. 72 00:02:14,001 --> 00:02:15,000 AND THIS IS 73 00:02:15,001 --> 00:02:16,000 OF THIS COUNTRY. 74 00:02:16,001 --> 00:02:18,000 AND THIS ISN'T ABOUT HUNTING. 75 00:02:18,001 --> 00:02:20,000 THIS ISN'T ABOUT HAVING A GUN TO GO HUNTING. 76 00:02:20,001 --> 00:02:23,000 A LOT OF PEOPLE ARE GOING TO 77 00:02:23,001 --> 00:02:24,000 MAKE STATEMENTS ABOUT THIS IS 78 00:02:24,001 --> 00:02:25,000 GOING TO INCREASE POACHING. 79 00:02:25,001 --> 00:02:26,000 IT DOESN'T HAVE AN 80 00:02:26,001 --> 00:02:27,000 WITH THAT. 81 00:02:27,001 --> 00:02:29,000 IT WON'T AFFECT THAT AT ALL. 82 00:02:29,001 --> 00:02:32,000 AS A MATTER OF FACT, ON U.S. 83 00:02:32,001 --> 00:02:34,000 FOREST SERVICE LAND, THE SECOND 84 00:02:34,001 --> 00:02:35,000 AMENDMENT REINS AS A RIGHT 85 00:02:35,001 --> 00:02:36,000 GUARANTEED UNDER THE 86 00:02:36,001 --> 00:02:37,000 CONSTITUTION. 87 00:02:37,001 --> 00:02:40,000 UNDER BUREAU OF LAND MANAGEMENT 88 00:02:40,001 --> 00:02:41,000 LANDS, THE SECOND AMENDMENT 89 00:02:41,001 --> 00:02:42,000 REINS. 90 00:02:42,001 --> 00:02:44,000 THEY DON 91 00:02:44,001 --> 00:02:46,000 INCREASE IN POACHING VERSUS THE 92 00:02:46,001 --> 00:02:48,000 AREAS WHERE WE DON'T HAVE GUNS. 93 00:02:48,001 --> 00:02:49,000 SO IT -- THE POINT BEING IS 94 00:02:49,001 --> 00:02:52,000 PELE WHO ARE GOING TO BREAK 95 00:02:52,001 --> 00:02:54,000 THE LAW, ARE GOING TO BREAK THE 96 00:02:54,001 --> 00:02:55,000 LAW, AND SO WE SEE NO DIFFERENCE 97 00:02:55,001 --> 00:02:57,000 IN THIS. 98 00:02:57,001 --> 00:03:00,000 THE SECOND POINT I WOULD MAKE IS 99 00:03:00,001 --> 00:03:01,000 THIS IS ABOUT STATES' RIGHTS. 100 00:03:01,001 --> 00:03:03,000 SENATOR 101 00:03:03,001 --> 00:03:06,000 COME DOWN AND TALK ABOUT THIS, 102 00:03:06,001 --> 00:03:08,000 BUT IF CALIFORNIA DECIDES THAT 103 00:03:08,001 --> 00:03:09,000 THEY DON'T WANT GUNS IN THEIR 104 00:03:09,001 --> 00:03:10,000 STATE PARKS, THEY DON'T HAVE TO 105 00:03:10,001 --> 00:03:12,000 HAVE THEM. 106 00:03:12,001 --> 00:03:13,000 AND IF THEY DECIDE THAT, THEN 107 00:03:13,001 --> 00:03:14,000 THIS AMENDMENT WOULD SAY 108 00:03:14,001 --> 00:03:16,000 DON'T HAVE TO -- THEY DON'T HAVE 109 00:03:16,001 --> 00:03:17,000 TO HAVE THEM IN THE FEDERAL 110 00:03:17,001 --> 00:03:18,000 PARKS. 111 00:03:18,001 --> 00:03:22,000 WHAT IT DOES IS THAT WE ARE 112 00:03:22,001 --> 00:03:24,000 GOING TO ALLOW THE STATES THE 113 00:03:24,001 --> 00:03:26,000 RIGHTS TO DETERMINE UNDER THEIR 114 00:03:26,001 --> 00:03:28,000 GUN LAWS WHO CAN HAVE A GUN AND 115 00:03:28,001 --> 00:03:30,000 WHERE AS LONG AS IT MEETS -- IT 116 00:03:30,001 --> 00:03:32,000 PASSES THE MUSTER OF THE U.S. 117 00:03:32,001 --> 00:03:34,000 CONSTITUTION. 118 00:03:34,001 --> 00:03:36,000 SO THIS AMENDMENT HAS TWO KEY POINTS. 119 00:03:36,001 --> 00:03:39,000 ONE IS TO PROTECT THE SECOND 120 00:03:39,001 --> 00:03:41,000 AMENDMENT. 121 00:03:41,001 --> 00:03:42,000 AND IF WE'RE TO CHOOSE TO 122 00:03:42,001 --> 00:03:43,000 ELIMINATE SOMEBODY'S SECOND 123 00:03:43,001 --> 00:03:45,000 AMENDMENT RIGHTS, THE CONGRESS 124 00:03:45,001 --> 00:03:48,000 OUGHT TO 125 00:03:48,001 --> 00:03:50,000 AFFIRMATIVELY LIMITING THOSE 126 00:03:50,001 --> 00:03:53,000 RIGHTS RATHER THAN BUREAUCRATS. 127 00:03:53,001 --> 00:03:56,000 THE SECOND POINT 128 00:03:56,001 --> 00:03:57,000 STATES SHOULD REIGN SUPREME IN 129 00:03:57,001 --> 00:03:58,000 TERMS OF THEIR PARKS AND THE 130 00:03:58,001 --> 00:03:59,000 NATIONAL PARKS IN THEIR 131 00:03:59,001 --> 00:04:01,000 JURISDICTION SO THAT THEY HAVE 132 00:04:01,001 --> 00:04:03,000 COVERAGE OVER WHAT THEIR STATE 133 00:04:03,001 --> 00:04:09,000 GUN LAWS WOULD HAVE IN TERMS OF 134 00:04:09,001 --> 00:04:12,000 APPLICATION. 135 00:04:12,001 --> 00:04:15,000 THERE IS SIGNIFICANT DATA THAT 136 00:04:15,001 --> 00:04:17,000 MOST PEOPLE ARE NOT AWARE OF. 137 00:04:17,001 --> 00:04:19,000 BY THE WAY, 138 00:04:19,001 --> 00:04:21,000 THAT MY ENTIRE STATEMENT BE MADE 139 00:04:21,001 --> 00:04:24,000 PART OF THE RECORD AND I WILL 140 00:04:24,001 --> 00:04:25,000 SUBMIT IT, SUBMIT IT WHEN I FISH 141 00:04:25,001 --> 00:04:26,000 MY REMARKS. 142 00:04:26,001 --> 00:04:27,000 THE PRESIDING OFFICER: WITHOUT OBJECTION, SO ORDERED. 143 00:04:27,001 --> 00:04:29,000 Mr. COBURN: LET ME REVEAL SOME 144 00:04:29,001 --> 00:04:31,000 DATA THAT MOST PEOPLE DO NOT 145 00:04:31,001 --> 00:04:32,000 KNOW -- AND I AM JUST TALKING 146 00:04:32,001 --> 00:04:34,000 ABOUT NATIONAL PARKS. 147 00:04:34,001 --> 00:04:37,000 THE LATEST YEAR WE HAVE 148 00:04:37,001 --> 00:04:41,000 STATISTICS WAS 2006. 149 00:04:41,001 --> 00:04:44,000 THERE WERE 16 HOMICIDES. 150 00:04:44,001 --> 00:04:46,000 THERE WERE 41 RAPES AND MULTIPLE 151 00:04:46,001 --> 00:04:52,000 ATTEMPTED RAPES. 152 00:04:52,001 --> 00:04:55,000 THERE WERE 92 ROBBERIES, 16 153 00:04:55,001 --> 00:05:00,000 KIDNAPPING, 333 AGGRAVATED 154 00:05:00,001 --> 00:05:01,000 ASSAULTS AND 5,094 OTHER FELONY 155 00:05:01,001 --> 00:05:04,000 VIOLATIONS. 156 00:05:04,001 --> 00:05:06,000 WE HAVE ONE PARK RANGER FOR 157 00:05:06,001 --> 00:05:09,000 EVERY 100,000 VISITORS. 158 00:05:09,001 --> 00:05:13,000 AND WE HAVE ONE PARK 159 00:05:13,001 --> 00:05:15,000 EVERY 180,000 ACRES. 160 00:05:15,001 --> 00:05:18,000 WHAT WE KNOW IS THAT IF IN YOUR 161 00:05:18,001 --> 00:05:21,000 STATE YOU HAVE THE RIGHT TO 162 00:05:21,001 --> 00:05:25,000 CARRY ON TO 163 00:05:25,001 --> 00:05:27,000 YOU HAVE CONCEAL-CARRY LAWS, 164 00:05:27,001 --> 00:05:30,000 THAT OUGHT TO HAVE 165 00:05:30,001 --> 00:05:31,000 TO YOUR STATE NOT TO THE FEDERAL 166 00:05:31,001 --> 00:05:32,000 GOVERNMENT'S PREDOMINANCE OVER 167 00:05:32,001 --> 00:05:34,000 YOUR STATE. 168 00:05:34,001 --> 00:05:36,000 THE NUMBERS I GAVE ONLY REFLECT 169 00:05:36,001 --> 00:05:37,000 WHAT THE PARK SERVICE HAS 170 00:05:37,001 --> 00:05:40,000 INVESTIGATED. 171 00:05:40,001 --> 00:05:42,000 IT DOESN'T REFLECT ALL THE OTHER 172 00:05:42,001 --> 00:05:45,000 OFFENSES THAT THE DRUG 173 00:05:45,001 --> 00:05:46,000 ENFOEMENT AGENC WHICH ARE 174 00:05:46,001 --> 00:05:49,000 THOUSANDS; IT DOESN'T REFLECT 175 00:05:49,001 --> 00:05:52,000 THE FEDERAL BUREAU OF 176 00:05:52,001 --> 00:05:53,000 ENFORCEMENT'S INVESTIGATION IN 177 00:05:53,001 --> 00:05:55,000 ESE AREAS. 178 00:05:55,001 --> 00:05:59,000 SO EVEN THOUGH PARKS ARE 179 00:05:59,001 --> 00:06:01,000 RELATIVELY SAFE, THE FACT IS, 180 00:06:01,001 --> 00:06:03,000 OFTENTIMES THE BES 181 00:06:03,001 --> 00:06:04,000 FOR THE CRIMINALS TO KNOW THAT 182 00:06:04,001 --> 00:06:06,000 IF THEY HAVE A GUN SOMEBODY ALSO 183 00:06:06,001 --> 00:06:09,000 MIGHTLSO HAVE A GUN. 184 00:06:09,001 --> 00:06:11,000 AS A PHYSICIAN, I HATE WHAT GUNS DO. 185 00:06:11,001 --> 00:06:14,000 I DON'T WANT GUNS TO BE USED. 186 00:06:14,001 --> 00:06:16,000 BUT THE FACT IS THE SECOND AMENDMENT OF THE CONSTITUTION IS 187 00:06:16,001 --> 00:06:18,000 REAL. 188 00:06:18,001 --> 00:06:22,000 AND WHAT WE HAVE IS A SITUATION 189 00:06:22,001 --> 00:06:23,000 BEFORE US WHERE BUREAUCRATS HAVE 190 00:06:23,001 --> 00:06:25,000 SAID WE'RE GOING TO TAKE YOUR 191 00:06:25,001 --> 00:06:26,000 RIGHTS AWAY. 192 00:06:26,001 --> 00:06:29,000 AND IT MAY BE THAT THE CONGRESS 193 00:06:29,001 --> 00:06:31,000 SA WE SHOULD DO THAT. 194 00:06:31,001 --> 00:06:35,000 BUT IF WE DO IT, IT OUGHT TO BE 195 00:06:35,001 --> 00:06:37,000 US DOING IT, NOT UNELECTED 196 00:06:37,001 --> 00:06:39,000 BUREAUCRATS THROUGH RED TAPE 197 00:06:39,001 --> 00:06:41,000 FIAT, TO TRULY LIMIT YOUR 198 00:06:41,001 --> 00:06:42,000 ABILITY AND YOUR RIGHTS THAT ARE 199 00:06:42,001 --> 00:06:48,000 GUARANTEED UNDER THE 200 00:06:48,001 --> 00:06:52,000 CONSTITUTION. 201 00:06:52,001 --> 00:06:54,000 WHAT DOES THIS AMENDMENT DO 202 00:06:54,001 --> 00:06:56,000 THIS AMENDMENT RESTORES THE 203 00:06:56,001 --> 00:06:58,000 SECOND AMENDMENT RIGHTS AS 204 00:06:58,001 --> 00:07:02,000 OUTLINED IN EACH INDIVIDUAL 205 00:07:02,001 --> 00:07:03,000 STATE BACK TO THE NATIONAL PARKS 206 00:07:03,001 --> 00:07:04,000 AND FISH AND WILDLIFE SERVICE 207 00:07:04,001 --> 00:07:06,000 AND IT SAYS IF STATES WANT 208 00:07:06,001 --> 00:07:08,000 CHANGE THEIR LAWS WITH REGARD TO 209 00:07:08,001 --> 00:07:10,000 THOSE, THEY CAN. 210 00:07:10,001 --> 00:07:11,000 BUT IT LEAVES THE 211 00:07:11,001 --> 00:07:15,000 THE CLOSEST LEVEL OF THE PEOPLE 212 00:07:15,001 --> 00:07:21,000 RATHER THAN THE ONE FURTHEST 213 00:07:21,001 --> 00:07:25,000 AWAY FROM THE PEOPLE. 214 00:07:25,001 --> 00:07:31,000 WE'LL HAVE A LOT OF CLAIMS THAT 215 00:07:31,001 --> 00:07:34,000 THIS WILL HAVE AN IMPACT ON POACHING. 216 00:07:34,001 --> 00:07:39,000 IT WON'T HAVE ANY IMPACT. 217 00:07:39,001 --> 00:07:41,000 AND EVEN IF IT DOES, TELL ME HOW 218 00:07:41,001 --> 00:07:44,000 POACHING THE UNAUTHORIZED 219 00:07:44,001 --> 00:07:48,000 KILLING OF ANIMALS, IS A HIGHER 220 00:07:48,001 --> 00:07:50,000 VALUE ORDER THAN A RIGHT 221 00:07:50,001 --> 00:07:53,000 GUARANTEED UNDER THE CONSTITUTION. 222 00:07:53,001 --> 00:07:56,000 YOU CAN'T FIND -- AND IF WE'RE 223 00:07:56,001 --> 00:07:57,000 THAT UPSIDE DOWN IN OUR COUNTRY 224 00:07:57,001 --> 00:07:59,000 ABOUT GUARANTEED RIGHTS AND THE 225 00:07:59,001 --> 00:08:02,000 BILL OF RIGHTS AND UNDERLYING 226 00:08:02,001 --> 00:08:03,000 CONSTITUTION 227 00:08:03,001 --> 00:08:07,000 LOT MORE SEVERE TROUBLE THAN 228 00:08:07,001 --> 00:08:11,000 MOST OF US WOULD RECOGNIZE. 229 00:08:11,001 --> 00:08:18,000 WHAT WE ALSO KNOW IS THAT ON 230 00:08:18,001 --> 00:08:19,000 FOREST SERVICE LANDS WE SEE A 231 00:08:19,001 --> 00:08:21,000 CERTAIN AMOUNT OF POACHING. 232 00:08:21,001 --> 00:08:24,000 BUT WE HAVE A CERTAIN AMOUNT OF 233 00:08:24,001 --> 00:08:25,000 POACHING NOW. 234 00:08:25,001 --> 00:08:26,000 ON PARK LANDS. 235 00:08:26,001 --> 00:08:28,000 SO WE'RE NOT GOING TO SEE A 236 00:08:28,001 --> 00:08:31,000 CORRESPONDING INCREASE -- AND IF 237 00:08:31,001 --> 00:08:32,000 WE DO, IT IS STILL ILLEGAL. 238 00:08:32,001 --> 00:08:34,000 NOW, THIS AMENDMENT DOESN'T 239 00:08:34,001 --> 00:08:37,000 APPLY TO NATIONAL MONUMENTS. 240 00:08:37,001 --> 00:08:39,000 IT PRESERVES STATES' RIGHTS. 241 00:08:39,001 --> 00:08:40,000 SO NO NATIONAL MONUMENT DOES 242 00:08:40,001 --> 00:08:42,000 THIS AMENDMENT APPLY IT. 243 00:08:42,001 --> 00:08:46,000 IT PRESERVES THE STATE RIGHT TO 244 00:08:46,001 --> 00:08:49,000 DO WHAT IT SHOULD DO. 245 00:08:49,001 --> 00:08:52,000 AND, IN 246 00:08:52,001 --> 00:08:54,000 RESPONSIBLE FOR THE LIMITING OF 247 00:08:54,001 --> 00:08:55,000 OUR RIGHTS UNDER THE 248 00:08:55,001 --> 00:09:06,000 CONSTITUTION RATHER THAN 249 00:09:06,001 --> 00:09:07,000 BUREAUCRATS. 250 00:09:07,001 --> 00:09:11,000 THE CONSEQUENCES OF THE RULES 251 00:09:11,001 --> 00:09:12,000 THAT WE HAVE TODAY ARE REALLY BIZARRE. 252 00:09:12,001 --> 00:09:15,000 NOT LONG AGO ON THE BLUE RIDGE 253 00:09:15,001 --> 00:09:19,000 PARKWAY A GENTLEMAN WAS 254 00:09:19,001 --> 00:09:22,000 CONVICTED WHO HAD A VIRGINIA 255 00:09:22,001 --> 00:09:25,000 RIGHT TO CARRY BUT BECAUSE HE 256 00:09:25,001 --> 00:09:28,000 DROVE THROUGH THE NATIONAL PARK 257 00:09:28,001 --> 00:09:32,000 WITH HIS GUN NOT BROKEN DOWN AND 258 00:09:32,001 --> 00:09:33,000 NOT IN HIS TRUNK HE WAS 259 00:09:33,001 --> 00:09:35,000 CONVICTED OF A VIOLATION OF 260 00:09:35,001 --> 00:09:37,000 NATIONAL PARK POLICY. 261 00:09:37,001 --> 00:09:39,000 NOW HE WAS JUST TRAVELING FROM 262 00:09:39,001 --> 00:09:42,000 ONE PLACE IN VIRGINIA TO ANOTHER 263 00:09:42,001 --> 00:09:43,000 AND WENT THROUGH A PARK. 264 00:09:43,001 --> 00:09:47,000 AS HE DID THAT ON THE ROADWAY. 265 00:09:47,001 --> 00:09:49,000 SO HE IS FOUND LIABLE UNDER A 266 00:09:49,001 --> 00:09:51,000 FEDERAL LAW WHICH WAS NEVER 267 00:09:51,001 --> 00:09:53,000 INTENDED BY US AND NEVER 268 00:09:53,001 --> 00:09:55,000 INTENDED UNDER THE CONSTITUTION; 269 00:09:55,001 --> 00:09:57,000 YET HE WAS COMPLIANT WITH HIS 270 00:09:57,001 --> 00:09:59,000 OWN STATE GUN LAWS. 271 00:09:59,001 --> 00:10:04,000 SO THE WHO WILL PURPOSE OF THIS 272 00:10:04,001 --> 00:10:07,000 AMENDMENT ISN'T A GOTCHA YOU 273 00:10:07,001 --> 00:10:08,000 AMENDMENT, BUT DOES THE 274 00:10:08,001 --> 00:10:10,000 AMENDMENT MEAN SOMETHING? 275 00:10:10,001 --> 00:10:13,000 DO STATES' RIGHTS MEAN ANYTHING? 276 00:10:13,001 --> 00:10:16,000 AND SHOULD WE HAVE BUREAUCRATS 277 00:10:16,001 --> 00:10:19,000 LIMITING INDIVIDUAL RIGHTS 278 00:10:19,001 --> 00:10:20,000 VERSUS THE CONGRESS, IF IT'S 279 00:10:20,001 --> 00:10:21,000 GOING TO HAPPEN, THEN THE 280 00:10:21,001 --> 00:10:22,000 CONGRESS HAS TO BE THE BODY THAT 281 00:10:22,001 --> 00:10:24,000 DOES THAT. 282 00:10:24,001 --> 00:10:29,000 WITH THAT, I 283 00:10:29,001 --> 00:10:31,000 OF MY TIME. 284 00:10:31,001 --> 00:10:34,000 I'D ALSO MAKE A NOTE THAT A 285 00:10:34,001 --> 00:10:35,000 QUORUM IS NOT PRESENT. 286 00:10:35,001 --> 00:10:38,000 DIVIDE THE TIME EQUALLY IN TERMS 287 00:10:38,001 --> 00:10:42,000 OF THE TIME WE'RE IN A QUORUM 288 00:10:42,001 --> 00:10:43,000 CALL, RESERVING FOR ME TEN 289 00:10:43,001 --> 00:10:46,000 MINUTES. THE PRESIDING OFFICER: WITHOUT 290 00:10:46,001 --> 00:10:50,000 OBJECTION, SO ORDERED. 291 00:10:50,001 --> 00:18:55,000 THE CLERK WILL CALL 292 00:18:55,001 --> 00:34:01,000 QUORUM CALL: 293 00:34:01,001 --> 00:36:52,000 QUORUM CALL: 294 00:36:52,001 --> 00:36:53,000 QUORUM CALL: MR. WE 295 00:36:53,001 --> 00:36:54,000 QUORUM CALL BE DISPENSED WITH. 296 00:36:54,001 --> 00:36:56,000 THE PRESIDING OFFICER: WITHOUT 297 00:36:56,001 --> 00:36:57,000 OBJECTION. 298 00:36:57,001 --> 00:36:59,000 MR. WEBB: MR. PRESIDENT, I 299 00:36:59,001 --> 00:37:03,000 WOULD LIKE TO SPEAK IN SUPPORT 300 00:37:03,001 --> 00:37:04,000 OF THIS AMENDMENT, SENATOR 301 00:37:04,001 --> 00:37:05,000 COBURN'S AMENDMENT. 302 00:37:05,001 --> 00:37:09,000 THE PRESIDING OFFICER: DOES 303 00:37:09,001 --> 00:37:10,000 THE SENATOR FROM OKLAHOMA YIELD TIME? 304 00:37:10,001 --> 00:37:12,000 MR. COBURN: I YIELD FIVE 305 00:37:12,001 --> 00:37:14,000 MINUTES TO THE SENATOR FROM VIRGINIA. 306 00:37:14,001 --> 00:37:18,000 MR. WEBB: I THANK THE SENATOR. 307 00:37:18,001 --> 00:37:21,000 MR. PRESIDENT, THERE'S A, 308 00:37:21,001 --> 00:37:23,000 RIGHTFULLY SO, A GREAT DEAL OF 309 00:37:23,001 --> 00:37:27,000 VARYING OPINIONS AMONG OUR BODY 310 00:37:27,001 --> 00:37:32,000 ABOUT THE ISSUE OF GUN CONTROL 311 00:37:32,001 --> 00:37:35,000 GUN RIGHTS, SECOND AMENDMENT, 312 00:37:35,001 --> 00:37:39,000 WHO, WHE, WHAT. 313 00:37:39,001 --> 00:37:40,000 WE'VE SEEN IT DEBATED MANY TIMES 314 00:37:40,001 --> 00:37:44,000 IN THE NOW TWO AND A HALF YEARS 315 00:37:44,001 --> 00:37:47,000 SINCE I'VE BEEN HERE IN THE SENATE. 316 00:37:47,001 --> 00:37:49,000 AND I THINK IT REFLECTS THE 317 00:37:49,001 --> 00:37:52,000 DIVERSITY OF OUR COUNTRY. 318 00:37:52,001 --> 00:37:54,000 I THINK IT AFFECTS THE DIFFERENT 319 00:37:54,001 --> 00:37:56,000 CHALLENGES, THE DIFFERENT 320 00:37:56,001 --> 00:37:57,000 REGIONS, DIFFERENT URBAN AND 321 00:37:57,001 --> 00:38:01,000 NONURBAN ENVIRONMENTS HAVE WHEN 322 00:38:01,001 --> 00:38:02,000 IT COMES TO THE USE OF WEAPONS. 323 00:38:02,001 --> 00:38:07,000 AND I RESPECT THAT. 324 00:38:07,001 --> 00:38:09,000 I RPECT THE FACT THAT MANY ON 325 00:38:09,001 --> 00:38:11,000 OUR SIDE OF THE AISLE HERE HAVE 326 00:38:11,001 --> 00:38:12,000 A GREAT DEAL OF CONCERNS ABOUT 327 00:38:12,001 --> 00:38:13,000 AMENDMENTS SUCH AS THIS 328 00:38:13,001 --> 00:38:15,000 ENDMENT. 329 00:38:15,001 --> 00:38:19,000 IT JUST DEPENDS ON WHAT YOU'RE 330 00:38:19,001 --> 00:38:23,000 READING INTO IT IN MANY CASES. 331 00:38:23,001 --> 00:38:26,000 BUT THE OTHER PART OF THAT IS 332 00:38:26,001 --> 00:38:27,000 THAT I BELIEVE THAT THIS 333 00:38:27,001 --> 00:38:30,000 PARTICULAR AMENDMENT ADDRESSES 334 00:38:30,001 --> 00:38:33,000 THOSE DIFFERENCES, AND IT DOES 335 00:38:33,001 --> 00:38:37,000 SO IN A WAY THAT ATTEMPTS TO 336 00:38:37,001 --> 00:38:41,000 BRING SOME FAIRNES TO PEOPLE 337 00:38:41,001 --> 00:38:44,000 WHO LIVE IN STATES THAT HAVE A 338 00:38:44,001 --> 00:38:47,000 DIFFERENT VIEW OF THE RIGHT TO 339 00:38:47,001 --> 00:38:48,000 BEAR ARMS IN OTHER AREAS. 340 00:38:48,001 --> 00:38:51,000 I THINK WE NEED TO CALM DOWN A 341 00:38:51,001 --> 00:38:53,000 LITTLE BIT HERE IN TERMS OF WHAT 342 00:38:53,001 --> 00:38:56,000 THE INTENT OF THIS AMENDMENT IS 343 00:38:56,001 --> 00:38:59,000 AND WHAT ITS APPLICATION, WHAT 344 00:38:59,001 --> 00:39:00,000 ACTUALLY -- WHAT ITS APPLICATION 345 00:39:00,001 --> 00:39:02,000 WOULD ACTUALLY BRING ABOUT. 346 00:39:02,001 --> 00:39:06,000 THIS AMENDMENT'S VERY CLEAR. 347 00:39:06,001 --> 00:39:09,000 IT BASICALLY SAYS THAT IF YOU 348 00:39:09,001 --> 00:39:13,000 ARE AUTHORIZED TO POSSESS A 349 00:39:13,001 --> 00:39:15,000 FIREARM IN YOUR STATE, AND IF 350 00:39:15,001 --> 00:39:17,000 THE POSSESSION OF THAT FIREARM 351 00:39:17,001 --> 00:39:20,000 IS IN COMPLIANCE WITH THE 352 00:39:20,001 --> 00:39:22,000 OF YOUR STATE, AND IF THERE IS A 353 00:39:22,001 --> 00:39:24,000 NATIONAL PARK OR A NATIONAL 354 00:39:24,001 --> 00:39:26,000 WILDLIFE REFUGE SYSTEM IN THAT 355 00:39:26,001 --> 00:39:28,000 STATE, THEN YOU WOULD BE 356 00:39:28,001 --> 00:39:33,000 AUTHORIZED TO POSSESS A FIREARM 357 00:39:33,001 --> 00:39:35,000 IN YOUR STATE IN THOSE AREAS. 358 00:39:35,001 --> 00:39:38,000 IF YOU LOOK AT VIRGINIA, THERE 359 00:39:38,001 --> 00:39:41,000 ARE A LOT OF NATIONAL PARKS AND 360 00:39:41,001 --> 00:39:45,000 WILDLIFE AREAS THAT INTERFIN 361 00:39:45,001 --> 00:39:46,000 TKPWEL EVEN -- INTERMINGLE EVEN 362 00:39:46,001 --> 00:39:50,000 ALONG OUR ROADWAYS. 363 00:39:50,001 --> 00:39:51,000 WE HAVE A STATE THAT PERMITS 364 00:39:51,001 --> 00:39:53,000 INDIVIDUALS NOT ONLY POSSESSING 365 00:39:53,001 --> 00:39:54,000 FIREARMS, BUT ALSO CARRYING 366 00:39:54,001 --> 00:39:56,000 THEM. 367 00:39:56,001 --> 00:39:58,000 AND POTENTIALLY THEY COULD BE A 368 00:39:58,001 --> 00:40:02,000 LEGAL RISK IF THEY'RE DRIVING 369 00:40:02,001 --> 00:40:03,000 DOWN THE SAME HIGHWAY AND THEY 370 00:40:03,001 --> 00:40:05,000 GET PULLED OVER BECAUSE THEY 371 00:40:05,001 --> 00:40:07,000 CROSSED INTO AREAS THAT ARE NOW 372 00:40:07,001 --> 00:40:09,000 NATIONAL PARK AREAS. 373 00:40:09,001 --> 00:40:10,000 YOU KNOW ALONG THE MOUNTAIN 374 00:40:10,001 --> 00:40:12,000 AREAS IN THE WESTERN PART OF OUR 375 00:40:12,001 --> 00:40:13,000 STATE, THAT'S TRUE. 376 00:40:13,001 --> 00:40:14,000 IT'S ACTUALLY TRUE RIGHT ACROSS 377 00:40:14,001 --> 00:40:17,000 THE RIVER. 378 00:40:17,001 --> 00:40:18,000 IF YOU'RE DRIVING DOWN THE 379 00:40:18,001 --> 00:40:20,000 GEORGE WASHINGTON MEMORIAL 380 00:40:20,001 --> 00:40:21,000 PARKWAY FROM ARLINGTON TO 381 00:40:21,001 --> 00:40:23,000 ALEXANDRIA, YOU CAN SUDDENLY 382 00:40:23,001 --> 00:40:24,000 ENTER AN AREA THAT'S A NATIONAL 383 00:40:24,001 --> 00:40:28,000 PARK AREA. 384 00:40:28,001 --> 00:40:29,000 THAT PLACES A BURDEN ON A LOT OF 385 00:40:29,001 --> 00:40:33,000 PEOPLE WHO ARE OBEYING THE LAW, 386 00:40:33,001 --> 00:40:36,000 WHO ARE CARRYING OUT THE 387 00:40:36,001 --> 00:40:39,000 STANDARDS THAT HAVE BEEN PLACED 388 00:40:39,001 --> 00:40:41,000 ON PEOPLE IN VIRGINIA. 389 00:40:41,001 --> 00:40:42,000 AND THIS AMENDMENT HELPS TO 390 00:40:42,001 --> 00:40:45,000 CLARIFY THAT. 391 00:40:45,001 --> 00:40:48,000 THAT'S ALL IT DOES. 392 00:40:48,001 --> 00:40:53,000 IF YOU LIVE IN A STATE WHERE YOU 393 00:40:53,001 --> 00:40:55,000 CAN LEGALLY POSSESS A FIREARM 394 00:40:55,001 --> 00:40:57,000 AND IF YOU MEET THE STANDARDSO 395 00:40:57,001 --> 00:41:00,000 LEGALLY POSSESS A FIREARM, THEN 396 00:41:00,001 --> 00:41:02,000 IN A NATIONAL PARK INSIDE THAT 397 00:41:02,001 --> 00:41:03,000 STATE OR NATIONAL WILDLIFE 398 00:41:03,001 --> 00:41:04,000 REFUGE, YOU CAN CONTINUE TO 399 00:41:04,001 --> 00:41:07,000 POSSESS A FIREARM. 400 00:41:07,001 --> 00:41:09,000 IT DOESN'T MEAN YOU CAN GO HUNTING. 401 00:41:09,001 --> 00:41:10,000 IT DOESN'T MEAN A 12-YEAR-OLD 402 00:41:10,001 --> 00:41:11,000 CAN HAVE A WEAPON INSIDE A 403 00:41:11,001 --> 00:41:13,000 NATIONAL PARK. 404 00:41:13,001 --> 00:41:15,000 IT SIMPLY MEANS THAT THERE'S A 405 00:41:15,001 --> 00:41:17,000 CONSISTENCY INSIDE THAT STATE. 406 00:41:17,001 --> 00:41:19,000 AND IF YOU LIVE IN A DIFFERENT 407 00:41:19,001 --> 00:41:21,000 STATE THAT DOESN'T WANT TO ALLOW 408 00:41:21,001 --> 00:41:22,000 PEOPLE TO 409 00:41:22,001 --> 00:41:25,000 THE EXTENT THAT THE SECOND 410 00:41:25,001 --> 00:41:27,000 AMENDMENT WOULD ALLOW THAT SORT 411 00:41:27,001 --> 00:41:30,000 OF STATE LEGISLATION, THEN YOU 412 00:41:30,001 --> 00:41:32,000 CAN'T BRING A WEAPON OR FIREARM 413 00:41:32,001 --> 00:41:36,000 INSIDE ONE OF THOSE JURISDICTIONS. 414 00:41:36,001 --> 00:41:39,000 SO TO ME, AS SOMEONE WHO HE 415 00:41:39,001 --> 00:41:42,000 BELIEVES IN ALL OF THE 416 00:41:42,001 --> 00:41:43,000 AMENDMENTS IN OUR BILL OF 417 00:41:43,001 --> 00:41:44,000 RIGHTS, BELIEVES VERY 418 00:41:44,001 --> 00:41:45,000 PASSIONATELY ABOUT THE FIRST 419 00:41:45,001 --> 00:41:47,000 AMENDMENT AND THE FOURTH 420 00:41:47,001 --> 00:41:48,000 AMENDMENT AND THE FIFTH 421 00:41:48,001 --> 00:41:49,000 AMENDMENT AND ALSO IN THIS CASE 422 00:41:49,001 --> 00:41:52,000 THE SECOND AMENDMENT, I BELIEVE 423 00:41:52,001 --> 00:41:54,000 THAT THIS AMENDMENT IS PROPER 424 00:41:54,001 --> 00:41:59,000 AND I INTEND TO SUPPORT IT. 425 00:41:59,001 --> 00:42:00,000 WITH THAT, I YIELD THE 426 00:42:00,001 --> 00:42:01,000 THE PRESIDING OFFICER: THE 427 00:42:01,001 --> 00:42:03,000 SENATOR FROM 428 00:42:03,001 --> 00:42:04,000 MR. COBURN: IN FOLLOWING UP ON 429 00:42:04,001 --> 00:42:06,000 WHAT THE SEN 430 00:42:06,001 --> 00:42:08,000 SAID, THERE ACTUALLY WAS AN 431 00:42:08,001 --> 00:42:11,000 EVENT IN HIS STATE ON THE BLUE 432 00:42:11,001 --> 00:42:15,000 RIDGE PARKWAY WHERE A GENTLEMAN 433 00:42:15,001 --> 00:42:18,000 WHO WAS LICENSED TO CARRY FAILED 434 00:42:18,001 --> 00:42:22,000 TO STOP COMPLETELY AT A STOP 435 00:42:22,001 --> 00:42:24,000 SIGN,AS STOPPED, AND UNDER HIS 436 00:42:24,001 --> 00:42:26,000 LAW -- THE LAWS OF THE STATE OF 437 00:42:26,001 --> 00:42:28,000 VIRGINIA -- WAS LICENSED TO 438 00:42:28,001 --> 00:42:31,000 LEGALLY 439 00:42:31,001 --> 00:42:33,000 RANGER FOUND THAT HE HAD GUNS IN 440 00:42:33,001 --> 00:42:35,000 HIS CAR, ALL WITHIN THE LAWS OF 441 00:42:35,001 --> 00:42:36,000 THE STATE OF VIRGINIA, AND YET 442 00:42:36,001 --> 00:42:39,000 HE WAS CONVICTED BECAUSE HE 443 00:42:39,001 --> 00:42:41,000 DROVE THROUGH AN EDGE OF A 444 00:42:41,001 --> 00:42:44,000 NATIONAL PARK OF CARRYING A GUN 445 00:42:44,001 --> 00:42:46,000 IN A NATIONAL 446 00:42:46,001 --> 00:42:47,000 AND I THINK SENATOR WEBB 447 00:42:47,001 --> 00:42:51,000 DESCRIBED IT WELL. 448 00:42:51,001 --> 00:42:53,000 THIS IS ABOUT ESTABLISHING CLARITY. 449 00:42:53,001 --> 00:42:55,000 YOU STILL CAN'T GO OUT AND 450 00:42:55,001 --> 00:42:57,000 TARGET SHOOT. 451 00:42:57,001 --> 00:42:59,000 YOU CAN'T HUNT. 452 00:42:59,001 --> 00:43:00,000 BUT WHAT YOU CAN DO IS BE WITHIN 453 00:43:00,001 --> 00:43:01,000 THE LAW. 454 00:43:01,001 --> 00:43:03,000 BY PROTECTING THE SECOND 455 00:43:03,001 --> 00:43:05,000 AMENDMENT AND BY PROTECTING 456 00:43:05,001 --> 00:43:09,000 STATES' RIGHTS AND ALSO APPLYING 457 00:43:09,001 --> 00:43:11,000 COMMON SENSE, WHAT WE WILL HAVE. 458 00:43:11,001 --> 00:43:12,000 I WOULD MAKE THE OTHER POINT -- 459 00:43:12,001 --> 00:43:14,000 THE SENATOR FROM CONNECTICUT IS 460 00:43:14,001 --> 00:43:15,000 HERE -- IF YOUR STATE SAYS WE 461 00:43:15,001 --> 00:43:16,000 DON'T WANT TO DO THESE THINGS, 462 00:43:16,001 --> 00:43:17,000 YOU CAN UNDER THIS AMENDMENT. 463 00:43:17,001 --> 00:43:19,000 IF YOU HAVE AATIONAL PARK AND 464 00:43:19,001 --> 00:43:21,000 YOU DON'T ALLOW GUNS IN YOUR 465 00:43:21,001 --> 00:43:23,000 STATE PARKS, YOU CAN SAY YOU 466 00:43:23,001 --> 00:43:25,000 DON'T ALLOW GUNS IN THE NATIONAL PARK. 467 00:43:25,001 --> 00:43:26,000 SO IT FOLLOWS COMPLETELY. 468 00:43:26,001 --> 00:43:27,000 WHEN THE SENATOR FROM 469 00:43:27,001 --> 00:43:29,000 CONNECTICUT ASKED ME ABOUT THIS 470 00:43:29,001 --> 00:43:31,000 TODAY, I WENT BACK TO MY STAFF. 471 00:43:31,001 --> 00:43:37,000 IN FACT, THAT IS THE CASE, THAT 472 00:43:37,001 --> 00:43:39,000 STATE LAW WILL REIGN SUPREME AS 473 00:43:39,001 --> 00:43:41,000 LONG AS THERE IS CONSISTENCY IN 474 00:43:41,001 --> 00:43:42,000 THE STATE IN THE PARK WHICH IS 475 00:43:42,001 --> 00:43:44,000 PART OF THAT STATE. 476 00:43:44,001 --> 00:43:46,000 I ALSO AGREE 477 00:43:46,001 --> 00:43:47,000 THE NATURAL REACTION IS THIS IS 478 00:43:47,001 --> 00:43:48,000 NUTS. 479 00:43:48,001 --> 00:43:50,000 IT'S NOT NUTS. 480 00:43:50,001 --> 00:43:51,000 IT'S ABOUT COMMONSENSE 481 00:43:51,001 --> 00:43:52,000 APPLICATION OF THE SECOND AMENDMENT. 482 00:43:52,001 --> 00:43:55,000 IT'S ABOUT STATES' RIGHTS AND 483 00:43:55,001 --> 00:43:57,000 IT'S ABOUT NOT PUTTING PEOPLE IN 484 00:43:57,001 --> 00:43:59,000 JEOPARDY WHO ARE IN JEOPARDY 485 00:43:59,001 --> 00:44:00,000 TODAY BECAUSE THEY ARE LAWFULLY 486 00:44:00,001 --> 00:44:01,000 CARRYING OUT LAWS IN THEIR OWN 487 00:44:01,001 --> 00:44:02,000 STATE. 488 00:44:02,001 --> 00:44:03,000 WITH THAT, I RESERVE THE BALANCE 489 00:44:03,001 --> 00:44:04,000 OF MY TIME. 490 00:44:04,001 --> 00:44:05,000 A SENATOR: MR. PRESIDENT? 491 00:44:05,001 --> 00:44:06,000 THE PRESIDING OFFICER: THE 492 00:44:06,001 --> 00:44:07,000 SENATOR FROM 493 00:44:07,001 --> 00:44:10,000 MR. DODD: MR. PRESIDENT, I DID 494 00:44:10,001 --> 00:44:13,000 T INTEND TO COMMENT ON ALL OF THIS. 495 00:44:13,001 --> 00:44:14,000 BUT DOES THE MANAGER OF THE 496 00:44:14,001 --> 00:44:15,000 UNDERLYING BILL DEALING WITH THE 497 00:44:15,001 --> 00:44:17,000 CREDIT CARD LEGISLATION -- LET 498 00:44:17,001 --> 00:44:19,000 ME, FIRST OF ALL, THANK MY 499 00:44:19,001 --> 00:44:21,000 COLLEAGUE FROM OKLAHOMA FOR THAT CLARIFICATION. 500 00:44:21,001 --> 00:44:24,000 IT IS A VERY GOOD POINT AND IMPORTANT POINT. 501 00:44:24,001 --> 00:44:26,000 IT WAS RAISED BY OTHERS AS WELL 502 00:44:26,001 --> 00:44:27,000 ABOUT WHETHER OR NOT 503 00:44:27,001 --> 00:44:28,000 STATUTE THAT WOULD HAVE 504 00:44:28,001 --> 00:44:31,000 PROHIBITED SOMEONE FROM CARRYING 505 00:44:31,001 --> 00:44:33,000 A WEAPON, 506 00:44:33,001 --> 00:44:35,000 MAY BE, IN A STATE PARK MIGHT 507 00:44:35,001 --> 00:44:37,000 APPLY TO THE NATIONAL PARK 508 00:44:37,001 --> 00:44:39,000 LOCATED IN THAT STATE. 509 00:44:39,001 --> 00:44:40,000 I APPRECIATE HIM ANSWERING THE 510 00:44:40,001 --> 00:44:42,000 QUESTION. 511 00:44:42,001 --> 00:44:43,000 MY CONCERN -- AND I COME FROM A 512 00:44:43,001 --> 00:44:45,000 STATE THAT I THINK, I BELIEVE, 513 00:44:45,001 --> 00:44:47,000 IS STILL THE LARGEST 514 00:44:47,001 --> 00:44:50,000 MANUFACTURER OF 515 00:44:50,001 --> 00:44:51,000 UNITED STATES. 516 00:44:51,001 --> 00:44:52,000 CONNECTICUT -- I DON'T KNOW 517 00:44:52,001 --> 00:44:55,000 MANY PEOPLE ARE AWARE OF THAT 518 00:44:55,001 --> 00:44:57,000 FACT, BUT WE'VE LOST A LOT OF 519 00:44:57,001 --> 00:44:59,000 THAT UNEMPLOYMENT OVER THE LAST 520 00:44:59,001 --> 00:45:00,000 FEW YEARS, BUT CONNECTICUT FOR 521 00:45:00,001 --> 00:45:04,000 YEARS I THINK LED THE NATION IN 522 00:45:04,001 --> 00:45:05,000 THE PRODUCTION OF RIFLE SHOTGUNS 523 00:45:05,001 --> 00:45:06,000 AND HANDGUNS. 524 00:45:06,001 --> 00:45:07,000 I HAVE MORE THAN FAMILIARITY 525 00:45:07,001 --> 00:45:10,000 WITH THE ISSUE. 526 00:45:10,001 --> 00:45:11,000 MY CONCERN HERE 527 00:45:11,001 --> 00:45:13,000 AMENDMENT, ON THE ONE HAND. 528 00:45:13,001 --> 00:45:14,000 BUT I RESPECT WHAT MY FRIEND 529 00:45:14,001 --> 00:45:16,000 FROM OKLAHOMA SAID. 530 00:45:16,001 --> 00:45:17,000 MY CONCERN IS THE UNDERLYING 531 00:45:17,001 --> 00:45:19,000 BILL, WHAT HAPPENS TO IT. 532 00:45:19,001 --> 00:45:20,000 HAVING WATCHED THE FATE OF OTHER 533 00:45:20,001 --> 00:45:22,000 LEGISLATION WHEREHIS HAS BEEN 534 00:45:22,001 --> 00:45:23,000 THE CASE WHEN IT MOVES TO THE 535 00:45:23,001 --> 00:45:24,000 OTHER BODY. 536 00:45:24,001 --> 00:45:26,000 I HOPE THAT'S NOT THE CASE. 537 00:45:26,001 --> 00:45:27,000 I DON'T KNOW THE OUTCOME OF THE 538 00:45:27,001 --> 00:45:29,000 SENATOR'S AMENDMENT. 539 00:45:29,001 --> 00:45:31,000 BUT I MAY CARRY. 540 00:45:31,001 --> 00:45:33,000 IF THAT IS THE CASE, MY HOPE IS 541 00:45:33,001 --> 00:45:35,000 THE BILL WILL STILL MOVE 542 00:45:35,001 --> 00:45:36,000 FORWARD, THAT THE OTHER BODY 543 00:45:36,001 --> 00:45:40,000 RESOLVE THESE MATTERS FAVORABLY 544 00:45:40,001 --> 00:45:41,000 ONE WAY OR THE OTHER AND STILL 545 00:45:41,001 --> 00:45:43,000 DEAL WITH THE UNDERLYING ISSUE OF CREDIT CARDS. 546 00:45:43,001 --> 00:45:44,000 I HATE TO SEE US LOSE THIS 547 00:45:44,001 --> 00:45:45,000 OPPORTUNITY TO MAKE A DIFFERENCE 548 00:45:45,001 --> 00:45:47,000 IN CREDIT CARD REFORM. 549 00:45:47,001 --> 00:45:48,000 I'M NOT ANTICIPATING THAT TO BE 550 00:45:48,001 --> 00:45:49,000 THE CASE BUT THERE'S ALWAYS THAT 551 00:45:49,001 --> 00:45:51,000 RISK WE RUN. 552 00:45:51,001 --> 00:45:52,000 AND I'D BE REMISS IF I DIDN'T 553 00:45:52,001 --> 00:45:55,000 RAISE THAT CONCERN THAT I HAVE 554 00:45:55,001 --> 00:45:56,000 AS THE MANAGER OF THE 555 00:45:56,001 --> 00:45:58,000 WITH SENATOR SHELBY, WE'VE 556 00:45:58,001 --> 00:46:00,000 WORKED VERY HARD TO PUT TOGETHER 557 00:46:00,001 --> 00:46:03,000 A CREDIT CARD REFORM BILL THAT 558 00:46:03,001 --> 00:46:06,000 WE HOPE ENJOYS BROAD BIPARTISAN SUPPORT HERE. 559 00:46:06,001 --> 00:46:08,000 IT IS AALANCED BILL THAT WOULD 560 00:46:08,001 --> 00:46:10,000 ALLOW AN INDUSTRY TO CONTINUE TO 561 00:46:10,001 --> 00:46:13,000 PROFIT, TO MOVE FORWARD, BUT NOT 562 00:46:13,001 --> 00:46:15,000 AT THE EXPENSE OF CONSUMERS WITH 563 00:46:15,001 --> 00:46:17,000 UNNECESSARY RATE INCREASES OR 564 00:46:17,001 --> 00:46:18,000 EXORBITANT FEES AND THE 565 00:46:18,001 --> 00:46:19,000 THAT WE'VE WATCHED TOO MANY 566 00:46:19,001 --> 00:46:21,000 AMERICANS FACE OVER THE LAST 567 00:46:21,001 --> 00:46:23,000 NUMBER OF YEARS. 568 00:46:23,001 --> 00:46:25,000 WE MAKE MAJOR CHANGES 569 00:46:25,001 --> 00:46:27,000 CREDIT CARDS ARE HANDLED UNDER THIS BILL. 570 00:46:27,001 --> 00:46:28,000 AND I KNOW THAT MILLIONS OF 571 00:46:28,001 --> 00:46:30,000 AMERICANS WILL BENEFIT FROM THIS 572 00:46:30,001 --> 00:46:31,000 IF WE'RE ABLE TO PASS IT INTO 573 00:46:31,001 --> 00:46:32,000 LAW. 574 00:46:32,001 --> 00:46:37,000 AND I BELIEVE THAT MY FRIEND AND 575 00:46:37,001 --> 00:46:40,000 COLLEAGUE FROM OKLAHOMA'S 576 00:46:40,001 --> 00:46:43,000 INTEREST IS NOT IN UNDERMINING 577 00:46:43,001 --> 00:46:45,000 THAT EFFORT BUT HAS 578 00:46:45,001 --> 00:46:48,000 INTEREST IN EFFORTS HE RAISED. 579 00:46:48,001 --> 00:46:49,000 I SEE MY COLLEAGUE STANDING THERE. 580 00:46:49,001 --> 00:46:51,000 THE PRESIDING OFFICER: THE 581 00:46:51,001 --> 00:46:53,000 SENATOR'S TIME HAS EXPIRED 582 00:46:53,001 --> 00:46:54,000 COLLEAGUE WHATEVER TIME IS -- 583 00:46:54,001 --> 00:46:56,000 THE PRESIDING OFFICER: THE 584 00:46:56,001 --> 00:46:57,000 SENATO 585 00:46:57,001 --> 00:46:58,000 MR. COBURN: AS I TOLD THE 586 00:46:58,001 --> 00:47:00,000 SENATOR FROM CONNECTICUT, THE 587 00:47:00,001 --> 00:47:02,000 UNDERLYING BILL HAS MANY THINGS 588 00:47:02,001 --> 00:47:03,000 I AM IN FAVOR OF. 589 00:47:03,001 --> 00:47:05,000 I DON'T WANT TO SEE IT FAIL ON 590 00:47:05,001 --> 00:47:07,000 NOR SHOULD WE WANT TO SEE THE 591 00:47:07,001 --> 00:47:08,000 SECOND AMENDMENT TRAMPLED ON. 592 00:47:08,001 --> 00:47:10,000 NOR SHOULD WE WANT COMMON SENSE 593 00:47:10,001 --> 00:47:11,000 TO GO OUT THE WINDOW AS WE APPLY 594 00:47:11,001 --> 00:47:14,000 LAWS IN THIS COUNTRY. 595 00:47:14,001 --> 00:47:15,000 THE FACT IS WE'VE HAD VERY MANY 596 00:47:15,001 --> 00:47:18,000 GOOD COMMONSENSE AMENDMENTS COME 597 00:47:18,001 --> 00:47:19,000 OUT OF THE SENATE THAT DON'T 598 00:47:19,001 --> 00:47:21,000 COME OUT OF CONFER COMMITTEE. 599 00:47:21,001 --> 00:47:22,000 I'M NOT SURE I WOULD EXPECT A 600 00:47:22,001 --> 00:47:24,000 DIFFERENT RESULT ON THIS ONE. 601 00:47:24,001 --> 00:47:27,000 BUT THE FACT STILL REMAINS IS WE 602 00:47:27,001 --> 00:47:30,000 HAVE AN INCOHERENT POLICY THAT 603 00:47:30,001 --> 00:47:31,000 TAKES AWAY A RIGHT 604 00:47:31,001 --> 00:47:35,000 DONE BY BUREAUCRATS. 605 00:47:35,001 --> 00:47:36,000 THAT, THAT'S THE CONGRESS 606 00:47:36,001 --> 00:47:40,000 SPEAKING THAT WE'RE NOT GOING TO 607 00:47:40,001 --> 00:47:42,000 DO THAT, AND THAT'S FINE. 608 00:47:42,001 --> 00:47:43,000 BUT TO HAVE BUREAUCRATS 609 00:47:43,001 --> 00:47:45,000 ELIMINATE SOME OF THESE 610 00:47:45,001 --> 00:47:46,000 SECOND-DEGREE AMENDMENTS AND DO 611 00:47:46,001 --> 00:47:48,000 SO IN A WAY THAT PUTS PEOPLE AT 612 00:47:48,001 --> 00:47:50,000 RISK IS WRONG. 613 00:47:50,001 --> 00:47:51,000 I THANK THE COMMENTS. 614 00:47:51,001 --> 00:47:53,000 I HOPE HE CAN SUPPORT THE 615 00:47:53,001 --> 00:47:55,000 AMENDMENT BECAUSE IT IS A COMMON 616 00:47:55,001 --> 00:47:57,000 SENSE AFPLTD HE'S SUPPORTED MANY 617 00:47:57,001 --> 00:47:58,000 OTHER OF MY AMENDMENTS. 618 00:47:58,001 --> 00:47:59,000 WHAT YOU DO IN CONFERENCE WILL 619 00:47:59,001 --> 00:48:00,000 DETERMINE WHETHER OR NOT IT 620 00:48:00,001 --> 00:48:03,000 COMES BACK WITH 621 00:48:03,001 --> 00:48:04,000 I YIELD BACK THE BALANCE OF MY 622 00:48:04,001 --> 00:48:07,000 TIME. MRDODD: MR.SINT, I 623 00:48:07,001 --> 00:48:14,000 WOULD, I GUESS, NOTE THE ABSENCE OF A QUORUM. 624 00:48:14,001 --> 00:48:16,000 I YIELD BACK ALL TIME. 625 00:48:16,001 --> 00:48:20,000 AND I'D ASK FOR THE YEAS AND 626 00:48:20,001 --> 00:48:22,000 NAYS IF I MAY, ON THE 627 00:48:22,001 --> 00:48:25,000 AMENDMENT, IS THAT CORRECT? 628 00:48:25,001 --> 00:48:28,000 THE PRESIDING OFFICER: IS THERE SUFFICIENT SECOND? 629 00:48:28,001 --> 00:48:32,000 THERE APPEARS TO BE. 630 00:48:32,001 --> 00:48:35,000 THE QUESTION IS 631 00:48:35,001 --> 00:48:38,000 OFFERED BY SENATOR COBURN. 632 00:48:38,001 --> 00:48:42,000 THE YEAS AND NAYS ARE ORDERED. 633 00:48:42,001 --> 00:48:48,000 AND THE CLERK WILL CALTHE 634 00:48:48,001 --> 00:50:27,000 ROLL. 635 00:50:27,001 --> 00:50:30,000 VOTE: ACUPUNCTURE. 636 00:50:30,001 --> 00:50:45,000 DONE WITH TOOTHPICKS THAT DID 637 00:50:45,001 --> 00:54:02,000 BREAK THE SKIN 638 00:54:02,001 --> 00:54:08,000 VOTE: 639 00:54:08,001 --> 00:54:17,000 WE 640 00:54:17,001 --> 01:04:35,000 ACCORDANCE 641 01:04:35,001 --> 01:16:22,000 VOTE: 642 01:16:22,001 --> 01:16:23,000 VOTE: THE PRESIDING OFFICER: ARE THERE 643 01:16:23,001 --> 01:17:06,000 SENATORS WISHING TO VOTE OR 644 01:17:06,001 --> 01:17:07,000 WISHIN 645 01:17:07,001 --> 01:17:11,000 THE PRESIDING OFFICER: ON THIS 646 01:17:11,001 --> 01:17:13,000 VOTE, THE YEAS ARE 67, THE NAYS ARE 29. 647 01:17:13,001 --> 01:17:15,000 UNDER THE PREVIOUS ORDER 648 01:17:15,001 --> 01:17:16,000 REQUIRING 60 VOTES FOR THE 649 01:17:16,001 --> 01:17:18,000 ADOPTION OF THIS AMENDMENT, THE 650 01:17:18,001 --> 01:17:20,000 AMENDMENT IS AGREED 651 01:17:20,001 --> 01:17:23,000 UNDER THE 652 01:17:23,001 --> 01:17:25,000 AMENDMENT 653 01:17:25,001 --> 01:17:26,000 WITHDRAWN. 654 01:17:26,001 --> 01:17:27,000 THE PRESIDING OFFICER: THE MAJORITY LEADER. 655 01:17:27,001 --> 01:17:30,000 MR. REID: FOR MEMBERS OF THE 656 01:17:30,001 --> 01:17:32,000 SENATE, WE HAVE SPENT ALL DAY ON 657 01:17:32,001 --> 01:17:34,000 THE COBURN AMENDMENT. 658 01:17:34,001 --> 01:17:37,000 WE TRIED TO WORK SOMETHING OUT. WE COULDN'T. 659 01:17:37,001 --> 01:17:38,000 WE T THE -- 660 01:17:38,001 --> 01:17:39,000 THE PRESIDING OFFICER: THE 661 01:17:39,001 --> 01:17:45,000 SENATE WILL BE IN 662 01:17:45,001 --> 01:17:46,000 MR. REID: THE SENAT I WOULD HOPE THAT SENATORS WHO 663 01:17:46,001 --> 01:17:47,000 HAVE AMENDMENTS TO OFFER WOULD 664 01:17:47,001 --> 01:17:50,000 DO SO. WE HAVE TO COMPLETE THIS 665 01:17:50,001 --> 01:17:52,000 LEGISLATION. 666 01:17:52,001 --> 01:17:53,000 AND IT'S NO ONE'S FAULT THAT 667 01:17:53,001 --> 01:17:54,000 THEY HAVEN'T BEEN ABLE TO OFFER 668 01:17:54,001 --> 01:17:55,000 AMENDMENTS BECAUSE THE FLOOR WAS 669 01:17:55,001 --> 01:17:56,000 BLOCKED AND THEY COULDN'T DO 670 01:17:56,001 --> 01:17:58,000 THAT. 671 01:17:58,001 --> 01:17:59,000 BUT I WOULD HOPE TONIGHT IF WE 672 01:17:59,001 --> 01:18:01,000 COULD HAVE SOME AMENDMENTS LAID 673 01:18:01,001 --> 01:18:04,000 DOWN, PEOPLE WOULD DO THAT. 674 01:18:04,001 --> 01:18:07,000 WE'RE NOT GOING TO HAVE A LOT OF 675 01:18:07,001 --> 01:18:09,000 AMENDMENTS PENDING, BUT IF 676 01:18:09,001 --> 01:18:10,000 SOMEBODY WANTED TO LAY DOWN 677 01:18:10,001 --> 01:18:11,000 AMENDMENTS, A REASONABLE NUMBER 678 01:18:11,001 --> 01:18:12,000 OF AMENDMENTS, THAT'S FINE. 679 01:18:12,001 --> 01:18:14,000 THERE IS GOING TO COME A TIME 680 01:18:14,001 --> 01:18:15,000 WHEN WE'RE GOING TO HAVE TO MOVE ON. 681 01:18:15,001 --> 01:18:19,000 THIS IS A BIL LITERALLY 682 01:18:19,001 --> 01:18:21,000 SUPPORTED BY 90% OF THE AMERICAN PUBLIC. 683 01:18:21,001 --> 01:18:23,000 THIS BILL GOT ALMOST 380 VOTES 684 01:18:23,001 --> 01:18:24,000 IN THE HOUSE. 685 01:18:24,001 --> 01:18:25,000 AND WE'RE GOING TO HAVE TO MOVE ON. 686 01:18:25,001 --> 01:18:26,000 I'M NOT GOING TO FILE CLOTURE 687 01:18:26,001 --> 01:18:28,000 TONIGHT. 688 01:18:28,001 --> 01:18:29,000 IT'S ONLY TUESDAY. 689 01:18:29,001 --> 01:18:30,000 BUT WE'LL SEE WHATAPPENS 690 01:18:30,001 --> 01:18:31,000 TOMORROW 691 01:18:31,001 --> 01:18:33,000 WE HAVE A LOT OF OTHER THINGS WE 692 01:18:33,001 --> 01:18:35,000 NEED TO COMPLETE BEFORE WE LEAVE 693 01:18:35,001 --> 01:18:36,000 HERE, AND I'D LIKE TO -- 694 01:18:36,001 --> 01:18:37,000 MR. DODD: MADAM PRESIDENT, WILL 695 01:18:37,001 --> 01:18:38,000 THE SENATOR BE IN ORDER, PLEASE. 696 01:18:38,001 --> 01:18:39,000 THE PRESIDING OFFICER: THE 697 01:18:39,001 --> 01:18:42,000 SENATE WILL BE IN ORDER. 698 01:18:42,001 --> 01:18:43,000 PLEASE TAKE YOUR CONVERSATIONS OUTSIDE. 699 01:18:43,001 --> 01:18:44,000 MR. READ: THIS HAS BEEN A LONG 700 01:18:44,001 --> 01:18:45,000 WORK PERIOD. 701 01:18:45,001 --> 01:18:49,000 WE'VE ACCOMPLISHED A LOT OF THINGS. 702 01:18:49,001 --> 01:18:51,000 WE HAVE A LOT MORE TO DO. 703 01:18:51,001 --> 01:18:53,000 WE WOULD LIKE TO BE ABLE TO 704 01:18:53,001 --> 01:18:54,000 COMPLETE OUR WORK BY NEXT THURSDAY. 705 01:18:54,001 --> 01:18:57,000 I DON'T KNOW WE CAN DO THAT BUT 706 01:18:57,001 --> 01:18:59,000 WE CERTAINLY NEED TO TRY. 707 01:18:59,001 --> 01:19:02,000 WE HAVE THINGS WE'RE GOING TO 708 01:19:02,001 --> 01:19:03,000 HAVE TO DO BEFORE THE WORK 709 01:19:03,001 --> 01:19:07,000 PERIOD ENDS. 710 01:19:07,001 --> 01:19:14,000 MONDAY IS A NONVOTE DAY. 711 01:19:14,001 --> 01:19:17,000 I JUST, NO, I'M NOT CRITICIZING 712 01:19:17,001 --> 01:19:19,000 ANYONE BUT I REPEAT, LET'S NOT 713 01:19:19,001 --> 01:19:21,000 TIED UP IN THE MORNING AND 714 01:19:21,001 --> 01:19:23,000 SAY I CAN'T OFFER M 715 01:19:23,001 --> 01:19:24,000 IN THE MORNING BECAUSE I'M TOO 716 01:19:24,001 --> 01:19:25,000 BUSY. 717 01:19:25,001 --> 01:19:26,000 E MOST IMPORTANT THING A 718 01:19:26,001 --> 01:19:27,000 SENATOR CAN DO IS LEGISLATE. 719 01:19:27,001 --> 01:19:29,000 WE NEED TO START LEGISLATING. 720 01:19:29,001 --> 01:19:30,000 THIS BILL IS VERY IMPORTANT. 721 01:19:30,001 --> 01:19:33,000 THE MANAGERS HAVE WORKED VERY 722 01:19:33,001 --> 01:19:35,000 HARD. 723 01:19:35,001 --> 01:19:37,000 SENATORS DODD AND SHELBY WORKED 724 01:19:37,001 --> 01:19:38,000 THE WEEKEND TO COME UP WITH THE 725 01:19:38,001 --> 01:19:40,000 AGREEMENT THEY GOT TO HAVE A 726 01:19:40,001 --> 01:19:42,000 BIPARTISAN BILL THAT WE CAN WORK ON. 727 01:19:42,001 --> 01:19:43,000 I APPLAUD EACH OF THEM FOR THEIR 728 01:19:43,001 --> 01:19:45,000 WORK TOGETHER. 729 01:19:45,001 --> 01:19:47,000 THIS SENDS A GOOD MESSAGE TO THE 730 01:19:47,001 --> 01:19:52,000 AMERICAN PUBLIC THAT WE CAN 731 01:19:52,001 --> 01:19:54,000 SOMETHING VERY IMPORTANT. 732 01:19:54,001 --> 01:19:55,000 I REPEAT: THERE WILL BE NO 733 01:19:55,001 --> 01:19:56,000 VOTES TONIGHT. 734 01:19:56,001 --> 01:19:58,000 BUT WE NEED TO HAVE SOME 735 01:19:58,001 --> 01:19:59,000 AMENDMENTS LAID DOWN SO WE CAN 736 01:19:59,001 --> 01:20:00,000 START VOTING TOMORROW. 737 01:20:00,001 --> 01:20:02,000 THE PRESIDING OFFICER: IS THE 738 01:20:02,001 --> 01:20:03,000 SENATOR FROM 739 01:20:03,001 --> 01:20:04,000 MR. DODD: MADAM PRESIDENT I 740 01:20:04,001 --> 01:20:05,000 THANK THE MAJORITY LEADER FOR 741 01:20:05,001 --> 01:20:07,000 THOSE 742 01:20:07,001 --> 01:20:09,000 LET ME SAY ON BEHALF OF SENATOR 743 01:20:09,001 --> 01:20:12,000 SHELBY AND MYSELF THAT IF 744 01:20:12,001 --> 01:20:13,000 BRING THEM OVER. 745 01:20:13,001 --> 01:20:15,000 IN MANY CASES WE MIGHT BE ABLE 746 01:20:15,001 --> 01:20:17,000 TO ACCEPT, IN OTHERS MODIFY; IN 747 01:20:17,001 --> 01:20:19,000 SOME CASES WE MAY HAVE TO REJECT THEM. 748 01:20:19,001 --> 01:20:20,000 BUT WE CAN'T MAKE THE 749 01:20:20,001 --> 01:20:22,000 UNLESS WE KNOW WHAT THEY ARE. 750 01:20:22,001 --> 01:20:24,000 WE CAN MOVE ON QUICKLY IF 751 01:20:24,001 --> 01:20:25,000 MEMBERS LET US 752 01:20:25,001 --> 01:20:26,000 WOULD LIKE TO OFFER AND SEE IF 753 01:20:26,001 --> 01:20:27,000 WE CAN'T WORK THAT OUT. 754 01:20:27,001 --> 01:20:28,000 I THANK THE MAJORITY LEADER FOR 755 01:20:28,001 --> 01:20:30,000 MAKING THAT POINT. 756 01:20:30,001 --> 01:20:32,000 WE WILL STAY HERE THIS EVENING 757 01:20:32,001 --> 01:20:33,000 AS LONG AS IT TAKES TO HAVE 758 01:20:33,001 --> 01:20:35,000 MEMBERS COME BY WITH THEIR 759 01:20:35,001 --> 01:20:36,000 AMENDMENTS, TO MEET WITH STAFFS 760 01:20:36,001 --> 01:20:38,000 AND OTHERS TO MOVE FORWARD WITH THE BILL. 761 01:20:38,001 --> 01:20:40,000 WE HAVE AN OPPORTUNITY, I 762 01:20:40,001 --> 01:20:44,000 THIS WEEK, TO DO SOMETHING FOR 763 01:20:44,001 --> 01:20:45,000 MILLIONS AND MILLIONS OF OUR 764 01:20:45,001 --> 01:20:46,000 FELLOW STATE WHENS AND CITIZENS. 765 01:20:46,001 --> 01:20:48,000 THERE IS NOTHING THAT PLAGUES 766 01:20:48,001 --> 01:20:50,000 OUR CONSTITUENTS MORE THAN THE 767 01:20:50,001 --> 01:20:52,000 OUTRAGEOUS FEES 768 01:20:52,001 --> 01:20:54,000 ARE BEING INCREASED ON THEIR ACCOUNTS. 769 01:20:54,001 --> 01:20:55,000 AND WE CAN MAKE A DIFFERENCE 770 01:20:55,001 --> 01:20:57,000 THIS WEEK IN THAT MATTER BUT WE 771 01:20:57,001 --> 01:20:58,000 NEED TO KNOW THE A 772 01:20:58,001 --> 01:20:59,000 SENATOR SHELBY AND I PUT 773 01:20:59,001 --> 01:21:00,000 TOGETHER A GOOD BILL. 774 01:21:00,001 --> 01:21:02,000 WE ALWAYS KNOW OUR COLLEAGUES 775 01:21:02,001 --> 01:21:03,000 CAN OFFER IDEAS, AS WELL, 776 01:21:03,001 --> 01:21:05,000 IMPROVE IT. 777 01:21:05,001 --> 01:21:06,000 SO WE LIKE THAT OPPORTUNITY. 778 01:21:06,001 --> 01:21:07,000 I APPRECIATE THE MAJORITY LEADER 779 01:21:07,001 --> 01:21:09,000 MAKING THAT POINT. 780 01:21:09,001 --> 01:21:11,000 MR. REID: I SAY 781 01:21:11,001 --> 01:21:12,000 THE MANAGER OF THIS BILL, WE 782 01:21:12,001 --> 01:21:14,000 BOTH WANT AMENDMENTS TO BE 783 01:21:14,001 --> 01:21:15,000 OFFERED, IF, IN FACT, PEOPLE 784 01:21:15,001 --> 01:21:17,000 WANT TO OFFER AMENDMENTS. 785 01:21:17,001 --> 01:21:18,000 BUT WE WOULD HOPE THEY WOULD BE 786 01:21:18,001 --> 01:21:23,000 RELATED TO THE BILL. 787 01:21:23,001 --> 01:21:24,000 IF WE HAVE 788 01:21:24,001 --> 01:21:26,000 AMENDMENTS, IT'S GOI TO WIPED 789 01:21:26,001 --> 01:21:28,000 UP THAT THE BANKS -- WE'RE NOT 790 01:21:28,001 --> 01:21:29,000 GOING TO BE ABLE TO PROCEED ON 791 01:21:29,001 --> 01:21:31,000 THIS LEGISLATION IF WE HAVE MORE 792 01:21:31,001 --> 01:21:35,000 AMENDMENTS DEALING WITH 793 01:21:35,001 --> 01:21:37,000 UNRELATED MATTERS LIKE GUNS OR 794 01:21:37,001 --> 01:21:38,000 WHATEVER ELSE SOMEBODY DREAMS UP. 795 01:21:38,001 --> 01:21:44,000 IN THE MORNING WE HAVE A CLOTURE 796 01:21:44,001 --> 01:21:46,000 VOTE ON ONE OF SECRETARY 797 01:21:46,001 --> 01:21:47,000 SALAZAR'S ASSISTANTS. 798 01:21:47,001 --> 01:21:49,000 IT IS VERY IMPORTANT. 799 01:21:49,001 --> 01:21:51,000 IT WILL BE AN HOUR AFTER WE COME 800 01:21:51,001 --> 01:21:52,000 IN UNLESS WE WORK OUT AN 801 01:21:52,001 --> 01:21:54,000 AGREEABLE TIME WITH OUR COLLEAGUES HERE. 802 01:21:54,001 --> 01:21:57,000 WE HAVE TO COMPLETE THAT. 803 01:21:57,001 --> 01:21:58,000 I WOULD HOPE THAT WE CAN GET 804 01:21:58,001 --> 01:22:00,000 THAT DONE. 805 01:22:00,001 --> 01:22:02,000 IT'S NOT -- I THINK BHAISED ON 806 01:22:02,001 --> 01:22:05,000 WHAT WE HAVE BEEN -- BASED ON 807 01:22:05,001 --> 01:22:08,000 WHAT WE HAVE BEEN THROUGH HERE 808 01:22:08,001 --> 01:22:09,000 IN YEARS PAST, I CANNOT IMAGINE 809 01:22:09,001 --> 01:22:11,000 WE WOULD HAVE TO INVOKE CLOTURE 810 01:22:11,001 --> 01:22:13,000 ON A CABINET NOMINATION, SOMEONE 811 01:22:13,001 --> 01:22:15,000 THAT IS GOING TO WORK FOR ONE OF 812 01:22:15,001 --> 01:22:16,000 OUR CABINET OFFICERS. 813 01:22:16,001 --> 01:22:17,000 THAT IS WHAT I THOUGHT WE 814 01:22:17,001 --> 01:22:19,000 DEBATED HERE WITH THE NUCLEAR OPTION. 815 01:22:19,001 --> 01:22:21,000 BUT IT APPEARS THAT THERE ARE A 816 01:22:21,001 --> 01:22:26,000 LOT OF PEOPLE NOT WILLING TO 817 01:22:26,001 --> 01:22:27,000 EVEN ALLOW A VOTE ON DAVID 818 01:22:27,001 --> 01:22:28,000 HAYES. 819 01:22:28,001 --> 01:22:30,000 IT SEEMS A LITTLE UNUSUAL FOR 820 01:22:30,001 --> 01:22:33,000 ME. 821 01:22:33,001 --> 01:22:35,000 THAT PEOPLE WHO WERE WANTING TO 822 01:22:35,001 --> 01:22:37,000 INVOKE THE NUCLEAR OPTION ARE 823 01:22:37,001 --> 01:22:38,000 NOW SAYING, WELL, WE ARE NOT 824 01:22:38,001 --> 01:22:40,000 SURE WE WERE RIGHT ABOUT THAT 825 01:22:40,001 --> 01:22:42,000 AND WE'RE NOT EVEN GOING 826 01:22:42,001 --> 01:22:44,000 ALLOW YOU TO HAVE A VOTE ON 827 01:22:44,001 --> 01:22:46,000 SOMEONE WHO SECRETARY SALAZAR 828 01:22:46,001 --> 01:22:48,000 HAS WORKED VERY HARD ON TO HAVE 829 01:22:48,001 --> 01:22:49,000 HELP HIM 830 01:22:49,001 --> 01:22:50,000 ISSUES THAT HE HAS WITH THE 831 01:22:50,001 --> 01:22:52,000 DEPARTMENT OF INTERIOR. 832 01:22:52,001 --> 01:22:54,000 SO I HOPE THAT WE CAN GET THAT 833 01:22:54,001 --> 01:22:55,000 OVER WITH IN THE MORNING AND I 834 01:22:55,001 --> 01:22:56,000 HOPE WE DON'T HAVE TO HAVE A 835 01:22:56,001 --> 01:22:58,000 CLOTURE VOTE BUT IT APPEARS WE 836 01:22:58,001 --> 01:23:00,000 HAVE TO DO THAT. 837 01:23:00,001 --> 01:23:02,000 I WISH I DIDN'T HAVE TO FILE 838 01:23:02,001 --> 01:23:04,000 CLOTURE ON ANY NOMINEES BUT WE 839 01:23:04,001 --> 01:23:06,000 HAVE HAD TO DO IT MANY TIMES 840 01:23:06,001 --> 01:23:08,000 ALREADY THIS 841 01:23:08,001 --> 01:23:09,000 MR. DODD: MADAM PRESIDENT, I 842 01:23:09,001 --> 01:23:11,000 THANK THE MAJORITY LEADER. 843 01:23:11,001 --> 01:23:12,000 WE'RE OPEN FOR 844 01:23:12,001 --> 01:23:14,000 SENATOR SHELBY AND I ARE, SO IF 845 01:23:14,001 --> 01:23:16,000 THERE ARE AMENDMENTS, LET US 846 01:23:16,001 --> 01:23:17,000 HEAR THEM AND BRING THEM OVER 847 01:23:17,001 --> 01:23:18,000 AND WE WILL TRY AND MOVE 848 01:23:18,001 --> 01:23:21,000 PRODUCT ALONG. 849 01:23:21,001 --> 01:23:22,000 NOTE THE ABSENCE OF A QUORUM. 850 01:23:22,001 --> 01:23:25,000 THE PRESIDING OFFICER: THE CLERK 851 01:23:25,001 --> 01:23:32,000 WILL CALL THE ROLL. 852 01:23:32,001 --> 01:23:33,000 QUORUM CALL: 853 01:23:33,001 --> 01:23:36,000 MR. 854 01:23:36,001 --> 01:23:37,000 AMENDMENT NUMBER 855 01:23:37,001 --> 01:23:38,000 FOR ITS IMMEDIATE CONSIDERATION. 856 01:23:38,001 --> 01:23:40,000 E PRESIDING OFFICER: THE CLERK WILL REPORT. 857 01:23:40,001 --> 01:23:42,000 THE CLERK: THE SENATOR FROM 858 01:23:42,001 --> 01:23:46,000 TUCK YOU IT, MR. McCONNELL, 859 01:23:46,001 --> 01:23:47,000 FOR 1085. 860 01:23:47,001 --> 01:23:48,000 MR. McCONNELL: I ASK UNANIMOUS 861 01:23:48,001 --> 01:23:49,000 CONSENT FURTHER READING BE DISPENSED. THE PRESIDING OFFICER: WITHOUT 862 01:23:49,001 --> 01:23:54,000 OBJECTION, SO ORDERED. 863 01:23:54,001 --> 01:23:57,000 THE SENATOR FROM L ASK UNANIMOUS 864 01:23:57,001 --> 01:24:00,000 ASIDE THE PENDING AMENDMENT AND 865 01:24:00,001 --> 01:24:01,000 CALL UP VITTER 1066. 866 01:24:01,001 --> 01:24:02,000 THE PRESIDING OFFICER: IS THERE 867 01:24:02,001 --> 01:24:06,000 OBJECTION? 868 01:24:06,001 --> 01:24:07,000 WITHOUT OBJECTION, SO ORDERED. THE CLERK WILL REPORT. 869 01:24:07,001 --> 01:24:09,000 THE CLERK: THE SENATOR FROM 870 01:24:09,001 --> 01:24:11,000 LOUISIANA, 871 01:24:11,001 --> 01:24:14,000 AN AMENDMENT NUMBERED 872 01:24:14,001 --> 01:24:15,000 AMENDMENT 873 01:24:15,001 --> 01:24:17,000 MR. VITT 874 01:24:17,001 --> 01:24:18,000 CONSENT TO WAIVE READING O WHOLE. 875 01:24:18,001 --> 01:24:19,000 THE PRESIDING OFFICER: WIT OBJECTION, SO ORDERED. 876 01:24:19,001 --> 01:24:21,000 MR. VITTER: THANK YOU, MADAM PRESIDENT. 877 01:24:21,001 --> 01:24:22,000 THIS IS A VERY STRAIGHTFORWARD 878 01:24:22,001 --> 01:24:24,000 BUT IMPORTANT AMENDMENT 879 01:24:24,001 --> 01:24:27,000 IT WOULD GRANT RULEMAKING 880 01:24:27,001 --> 01:24:30,000 AUTHORITY TO THE FEDERAL RESERVE 881 01:24:30,001 --> 01:24:32,000 TO SET FORTH MINIMUM STANDARDS 882 01:24:32,001 --> 01:24:35,000 FOR CREDIT CARD ISSUERS TO 883 01:24:35,001 --> 01:24:38,000 ESTABLISH A CONSUMER'S IDENTITY 884 01:24:38,001 --> 01:24:40,000 TO PREVENT ILLEGAL IMMIGRANTS -- 885 01:24:40,001 --> 01:24:45,000 FOLKS INHE COUNTRY ILLEGALLY 886 01:24:45,001 --> 01:24:48,000 BREAKING 887 01:24:48,001 --> 01:24:50,000 TERRORISTS AND MANY OTHERS HERE 888 01:24:50,001 --> 01:24:51,000 ILLEGALLY -- FROM OBTAINING 889 01:24:51,001 --> 01:24:53,000 CREDIT CARDS. 890 01:24:53,001 --> 01:24:54,000 MADAM PRESIDENT WE HAVE ALL READ 891 01:24:54,001 --> 01:24:57,000 NUMEROUS ACCOUNTS OF HOW THIS IS 892 01:24:57,001 --> 01:25:00,000 ACTUALLY A GROWTH INDUSTRY FOR 893 01:25:00,001 --> 01:25:01,000 SOME VERY LARGE 894 01:25:01,001 --> 01:25:05,000 INSTITUTIONS. 895 01:25:05,001 --> 01:25:06,000 NOT SO LONG AGO, FEBRUARY OF 896 01:25:06,001 --> 01:25:08,000 2007, "THE WALL STREET JOURNAL" 897 01:25:08,001 --> 01:25:10,000 REPORTED -- QUOTE -- "IN THE 898 01:25:10,001 --> 01:25:12,000 LATEST SIGN OF THE U.S. BANKING 899 01:25:12,001 --> 01:25:14,000 INDUSTRY'S AGGRESSIVE PURSUIT OF 900 01:25:14,001 --> 01:25:16,000 DIFFERENT MARKETS, BANK OF 901 01:25:16,001 --> 01:25:18,000 AMERICA CORPORATION IS QUIETLY 902 01:25:18,001 --> 01:25:19,000 BEGUN OFFERING CREDIT CARDS TO 903 01:25:19,001 --> 01:25:22,000 CUSTOMERS WITHOUT SOCIAL 904 01:25:22,001 --> 01:25:24,000 SECURITY NUMBERS, TYPICALLY 905 01:25:24,001 --> 01:25:26,000 ILLEGAL IMMIGRANTS." 906 01:25:26,001 --> 01:25:28,000 THE SAME "WALL STREET JOURNAL" 907 01:25:28,001 --> 01:25:31,000 ARTICLE DETAILED HOW BANK OF 908 01:25:31,001 --> 01:25:32,000 AMERICA ABUSED 909 01:25:32,001 --> 01:25:35,000 CUSTOMER INTIFICATION RULES TO 910 01:25:35,001 --> 01:25:38,000 PROVIDE ILLEGAL IMMIGRANTS WITH 911 01:25:38,001 --> 01:25:39,000 CREDIT CARDS QUOTE THE NEW BANK 912 01:25:39,001 --> 01:25:41,000 OF AMERICA PROGRAM IS OPEN TO 913 01:25:41,001 --> 01:25:46,000 PEOPLE WHO LACK BOTH THE SOCIAL 914 01:25:46,001 --> 01:25:49,000 SECURITY NUMBER AND A CREDIT HISTORY. 915 01:25:49,001 --> 01:25:50,000 AS LONG AS THEY HAVE HAD A 916 01:25:50,001 --> 01:25:52,000 MONTHS WITHOUT AN OVERDRAFT. 917 01:25:52,001 --> 01:25:53,000 MOST ADULTS WHO DO NOT HAVE A 918 01:25:53,001 --> 01:25:55,000 SOCIAL SECURITY NUMBER ARE 919 01:25:55,001 --> 01:25:57,000 UNDOCUMENTED IMMIGRANTS." 920 01:25:57,001 --> 01:26:01,000 NOW, MADAM PRESIDENT, AS WE HAVE 921 01:26:01,001 --> 01:26:02,000 MAJOR 922 01:26:02,001 --> 01:26:03,000 COUNTRY, AND PARTICULARLY, 923 01:26:03,001 --> 01:26:07,000 MADAM PRESIDENT, WHEN WE ARE 924 01:26:07,001 --> 01:26:08,000 THROWING BILLIONS UPON BILLIONS 925 01:26:08,001 --> 01:26:13,000 OF TAXPAYER DOLLARS AT THESE 926 01:26:13,001 --> 01:26:15,000 SAME LARGE FINANCIAL 927 01:26:15,001 --> 01:26:19,000 INSTITUTIONS, I DON'T THINK IT'S 928 01:26:19,001 --> 01:26:23,000 TOO MUCH TO ASK THAT THEY HELP 929 01:26:23,001 --> 01:26:25,000 US ENFORCE OUR LAW; DON'T BE A 930 01:26:25,001 --> 01:26:26,000 WILLING COCONSPIRATOR WITH 931 01:26:26,001 --> 01:26:28,000 LAWBREAKERS AND ACTUALLY GO 932 01:26:28,001 --> 01:26:29,000 AFTER THE ILLEGAL ALIEN MARKET 933 01:26:29,001 --> 01:26:30,000 AS A NEW NICHE MARKET OR A NEW 934 01:26:30,001 --> 01:26:34,000 PROFIT CENTER. 935 01:26:34,001 --> 01:26:37,000 I THINK THAT'S REALLY OFFENSIVE 936 01:26:37,001 --> 01:26:39,000 BECAUSE WE DO HAVE A SERIOUS 937 01:26:39,001 --> 01:26:40,000 ILLEGAL IIGRATION PROBLEM THAT 938 01:26:40,001 --> 01:26:42,000 WE'RE TRYING TO GET OUR HANDS 939 01:26:42,001 --> 01:26:44,000 AROUND IN THIS COUNTRY. 940 01:26:44,001 --> 01:26:45,000 SO AGAIN, MADAM PRESIDENT, MY 941 01:26:45,001 --> 01:26:47,000 AMENDMENT IS VERY SIMPLE. 942 01:26:47,001 --> 01:26:50,000 IT DOESN'T SAY EXACTLY WHAT ALL 943 01:26:50,001 --> 01:26:51,000 OF THE DETAILED RULES HAVE TO 944 01:26:51,001 --> 01:26:53,000 BE. 945 01:26:53,001 --> 01:26:56,000 IT SIMPLY 946 01:26:56,001 --> 01:26:58,000 THE FEDERAL SYSTEM -- IN THIS?? 947 01:26:58,001 --> 01:27:00,000 CASE, THE FEDERAL RESERVE -- 948 01:27:00,001 --> 01:27:03,000 RULE MAKING AUTHORITY TO SET 949 01:27:03,001 --> 01:27:05,000 FORTH MINIMUM STANDARDS FOR 950 01:27:05,001 --> 01:27:08,000 CREDIT CARD ISSUERS TO ESTABLISH 951 01:27:08,001 --> 01:27:10,000 A CONSUMER'S IDENTITY; 952 01:27:10,001 --> 01:27:12,000 SPECIFICALLY TO PREVENT ILLEGAL 953 01:27:12,001 --> 01:27:14,000 IMMIGRANTS AND TERRORISTS FROM 954 01:27:14,001 --> 01:27:17,000 OBTAING CREDIT CARDS. 955 01:27:17,001 --> 01:27:19,000 THAT SHOULDN'T BE TOO ASK. 956 01:27:19,001 --> 01:27:24,000 CURTAILING A LITTLE BIT OF THE 957 01:27:24,001 --> 01:27:29,000 BIG BANKS 958 01:27:29,001 --> 01:27:31,000 COMPANIECREDIT CARDCOMPANIES BUSINESS ISN'T ASKING VE 959 01:27:31,001 --> 01:27:32,000 I BELIEVE THIS WOULD BE AN 960 01:27:32,001 --> 01:27:34,000 IMPORTANT STEP FORWARD IN OUR 961 01:27:34,001 --> 01:27:35,000 PROPER ENFORCEMENT OF OUR 962 01:27:35,001 --> 01:27:37,000 IMMIGRATION LAWS. 963 01:27:37,001 --> 01:27:39,000 WITH THAT, MADAM PRESIDENT, I 964 01:27:39,001 --> 01:27:42,000 THANK MY ATTENTION. 965 01:27:42,001 --> 01:27:45,000 I URGE ALL OF MY COLLEAGUES, 966 01:27:45,001 --> 01:27:48,000 DEMOCRATS AND REPUBLICANS, TO 967 01:27:48,001 --> 01:27:49,000 SUPPORT THIS COMMONSENSE, 968 01:27:49,001 --> 01:27:51,000 SIMPLE, BUT IMPORTANT AMENDMENT. 969 01:27:51,001 --> 01:27:52,000 I LOOK FORWARD TO A VOTE 970 01:27:52,001 --> 01:27:55,000 TOMORROW, MADAM PRESIDENT. 971 01:27:55,001 --> 01:27:57,000 I YIELD THE FLOOR. I SUGGEST THE ABSENCE OF A 972 01:27:57,001 --> 01:28:00,000 QUORUM. THE PRESIDING OFFICER: THE CLERK 973 01:28:00,001 --> 01:28:36,000 WILL CALL THE ROLL. 974 01:28:36,001 --> 01:28:40,000 QUORUM CALL: 975 01:28:40,001 --> 01:30:38,000 IS 976 01:30:38,001 --> 01:30:39,000 QUORUM CALL: 977 01:30:39,001 --> 01:30:41,000 THE PRES 978 01:30:41,001 --> 01:30:42,000 SENATOR FROM 979 01:30:42,001 --> 01:30:43,000 MR. UDALL: I ASK UNANIMOUS 980 01:30:43,001 --> 01:30:44,000 CONSENT THE CALL OF THE QUORUM BE VITIATED. 981 01:30:44,001 --> 01:30:45,000 THE PRESID 982 01:30:45,001 --> 01:30:46,000 OBJECTION, SO ORDERED. 983 01:30:46,001 --> 01:30:47,000 MR. UDALL: MADAM PRESIDENT. 984 01:30:47,001 --> 01:30:48,000 THE PRESIDING OFFICER: THE 985 01:30:48,001 --> 01:30:50,000 SENATOR FROM COLORADO. MR. UDALL: MADAM PRESIDENT, I 986 01:30:50,001 --> 01:30:52,000 RISE ON BEHALF OF CONSUMERS IN 987 01:30:52,001 --> 01:30:54,000 COLORADO AND ACROSS THIS CNTRY 988 01:30:54,001 --> 01:30:56,000 WHO WORK HARD 989 01:30:56,001 --> 01:30:58,000 THEIR BILLS ON TIME, AND 990 01:30:58,001 --> 01:30:59,000 STRUGGLE TO STAY AHEAD IN THE 991 01:30:59,001 --> 01:31:01,000 MIDST OF AN ECONOMIC RECESSION. 992 01:31:01,001 --> 01:31:05,000 IN THE FACE OF THESE CHALLENGES, 993 01:31:05,001 --> 01:31:08,000 THE LAST THING COLORADO FAMILIES 994 01:31:08,001 --> 01:31:11,000 NEED ARE CREDIT CARD COMPANIES 995 01:31:11,001 --> 01:31:14,000 THAT ARBITRARILY CHANGE TERMS 996 01:31:14,001 --> 01:31:17,000 AND PRINT SO SMALL FOR THE 997 01:31:17,001 --> 01:31:18,000 LEGALESE YOU NEED A MAGNIFYING GLASS. 998 01:31:18,001 --> 01:31:20,000 SOME HAVE BEEN TAKING ADVANTAGE 999 01:31:20,001 --> 01:31:24,000 OF CONSUMERS FOR YEARS. 1000 01:31:24,001 --> 01:31:25,000 THIS BIPARTISAN BILL WOULD GIVE 1001 01:31:25,001 --> 01:31:29,000 CARDHOLDERS SOME MUCH NEEDED RELIEF. 1002 01:31:29,001 --> 01:31:32,000 AND I'M VERY GLAD WE'RE TAKING 1003 01:31:32,001 --> 01:31:33,000 IT UP THIS WEEK. WHY? 1004 01:31:33,001 --> 01:31:34,000 BECAUSE AFTER THE NEAR FINANCIAL 1005 01:31:34,001 --> 01:31:36,000 COLLAPSE LAST YEAR CONGRESS 1006 01:31:36,001 --> 01:31:37,000 WORKED TO MEET THE NEEDS OF 1007 01:31:37,001 --> 01:31:39,000 BANKS AND FINANCIAL 1008 01:31:39,001 --> 01:31:41,000 INSTITUTIONS. 1009 01:31:41,001 --> 01:31:42,000 WELL, I THINK IT'S TIME WORKING 1010 01:31:42,001 --> 01:31:43,000 FAMILIES ALSO HAD SOMEONE IN 1011 01:31:43,001 --> 01:31:47,000 THEIR CORNER. 1012 01:31:47,001 --> 01:31:48,000 THIS BILL IS ABOUT THEM, ABOUT 1013 01:31:48,001 --> 01:31:50,000 MAKING SURE THAT FAMILIES WHO 1014 01:31:50,001 --> 01:31:53,000 PAY THEIR BILLS ON TIME AND STAY 1015 01:31:53,001 --> 01:31:55,000 WITHIN THEIR MEANS CAN'T GET 1016 01:31:55,001 --> 01:31:56,000 CHARGED EXCESSIVE FEES OR S 1017 01:31:56,001 --> 01:31:58,000 THEIR INTEREST RATES JACKED UP 1018 01:31:58,001 --> 01:32:00,000 WITHOUT CLEAR NOTICE. 1019 01:32:00,001 --> 01:32:01,000 AND I'VE COME TO THE FLOOR AS 1020 01:32:01,001 --> 01:32:03,000 MANY OF MY COLLEAGUES HAVE TODAY 1021 01:32:03,001 --> 01:32:04,000 TO URGE OUR OTHER COLLEAGUES TO 1022 01:32:04,001 --> 01:32:06,000 1023 01:32:06,001 --> 01:32:08,000 SUPPORT THIS IMPORTANT LEGISLATION. 1024 01:32:08,001 --> 01:32:10,000 NOW, MADAM PRESIDENT, WE KNOW 1025 01:32:10,001 --> 01:32:11,000 HOW IMPORTANT SHORT-TERM CREDIT 1026 01:32:11,001 --> 01:32:13,000 IS TO FAMILIES. 1027 01:32:13,001 --> 01:32:15,000 AND WE'VE ALL HEARD STORIES OF 1028 01:32:15,001 --> 01:32:16,000 PEOPLE WHO HAVE BEEN VICTIMIZED 1029 01:32:16,001 --> 01:32:19,000 BY THE KIN 1030 01:32:19,001 --> 01:32:22,000 THAT I'M TALKING ABOUT TONIGHT. 1031 01:32:22,001 --> 01:32:24,000 AND AS A LONG-TIME SUPPORTER OF 1032 01:32:24,001 --> 01:32:26,000 CREDIT CARD REFORM I'VE MET WITH 1033 01:32:26,001 --> 01:32:28,000 COUNTLESS VICTIMS OF THE ABUSIVE 1034 01:32:28,001 --> 01:32:29,000 PRACTICES OF CREDIT CARD 1035 01:32:29,001 --> 01:32:30,000 COMPANIES. 1036 01:32:30,001 --> 01:32:33,000 ONE WAS A WONDERFUL WOMAN BY THE 1037 01:32:33,001 --> 01:32:36,000 NAME OF 1038 01:32:36,001 --> 01:32:39,000 HER EXPERIENCE WITH YOU HERE TONIGHT. 1039 01:32:39,001 --> 01:32:40,000 I MET SUSAN IN PERSON LAST YEAR 1040 01:32:40,001 --> 01:32:43,000 WITHIN SHE FLEW FROM DENVER TO 1041 01:32:43,001 --> 01:32:45,000 WASHINGTON, TOESTIFY BEFORE 1042 01:32:45,001 --> 01:32:49,000 CONGRESS ABOUT THE UNFAIR 1043 01:32:49,001 --> 01:32:50,000 TREATMENT SHE RECEIVED FM A 1044 01:32:50,001 --> 01:32:51,000 CREDIT CARD COMPANY. 1045 01:32:51,001 --> 01:32:52,000 SHE HAS A CLASSICTORY, 1046 01:32:52,001 --> 01:32:54,000 MADAM PRESIDENT. 1047 01:32:54,001 --> 01:32:56,000 SHE HAS ALWAYS 1048 01:32:56,001 --> 01:32:58,000 FICO SCORE, NEVER EXCEEDED HER 1049 01:32:58,001 --> 01:33:01,000 CARD'S LIMIT, AND ALWAYS PAID 1050 01:33:01,001 --> 01:33:03,000 THE AMOUNT REQUIRED ON TIME. 1051 01:33:03,001 --> 01:33:05,000 IN SHORT, SHE'S A GOOD CUSTOMER. 1052 01:33:05,001 --> 01:33:07,000 WHO PLAYS BY THE RULES AND LIVES 1053 01:33:07,001 --> 01:33:09,000 WITHIN HER MEANS. 1054 01:33:09,001 --> 01:33:12,000 BUT DESPITE SUSAN'S GOOD 1055 01:33:12,001 --> 01:33:14,000 STANDING, ONE OF HER CREDIT CARD 1056 01:33:14,001 --> 01:33:17,000 ISSUERS DOUBLED HER INTEREST 1057 01:33:17,001 --> 01:33:19,000 RATE TO 25% WITHOUT NOTICE. 1058 01:33:19,001 --> 01:33:21,000 WHEN SHE LATER ASKED WHY, SHE 1059 01:33:21,001 --> 01:33:23,000 WAS TOLD THAT THE RATE HAD BEEN 1060 01:33:23,001 --> 01:33:27,000 INCREASED NOT BECAUSE SHE MISSED 1061 01:33:27,001 --> 01:33:28,000 A PAYMENT BUT BECAUSE THIS 1062 01:33:28,001 --> 01:33:29,000 PARTICULAR CREDIT CARD COMPANY 1063 01:33:29,001 --> 01:33:32,000 DIED HER BALANCE ON ANOTHER CAR 1064 01:33:32,001 --> 01:33:33,000 WAS TOO HIGH. 1065 01:33:33,001 --> 01:33:35,000 MADAM PRESIDENT, THIS PRACTICE, 1066 01:33:35,001 --> 01:33:38,000 KNOWN AS UNIVERSAL DEFAULT, WILL 1067 01:33:38,001 --> 01:33:39,000 NO LONGER BE ALLOWED IF THIS 1068 01:33:39,001 --> 01:33:40,000 LEGISLATION IS PASSED AND SIGNED 1069 01:33:40,001 --> 01:33:42,000 INTO LAW. 1070 01:33:42,001 --> 01:33:43,000 NOW, UNFORTUNATELY FOR SUSAN, 1071 01:33:43,001 --> 01:33:44,000 THIS KIND OF TREATMENT DIDN'T 1072 01:33:44,001 --> 01:33:47,000 STOP THERE. 1073 01:33:47,001 --> 01:33:49,000 JUST BEFORE SHE 1074 01:33:49,001 --> 01:33:50,000 TESTIFY IN THE HOUSE OF 1075 01:33:50,001 --> 01:33:51,000 REPRESENTATIVES THE POWERFUL 1076 01:33:51,001 --> 01:33:54,000 LOBBYING INTEREST OF THE BANKS 1077 01:33:54,001 --> 01:33:56,000 AND CREDIT CARD ISSUERS 1078 01:33:56,001 --> 01:33:57,000 INIVED -- INIVED SHE SIGN A 1079 01:33:57,001 --> 01:34:00,000 WAIVER RELINQUISHER HER PRIVACY 1080 01:34:00,001 --> 01:34:03,000 RIGHTS TO HER PERSONAL FINANCIAL 1081 01:34:03,001 --> 01:34:04,000 INFORMATION AND THEN A MONTH 1082 01:34:04,001 --> 01:34:06,000 LATER AFTER A DEAL WAS WORKED 1083 01:34:06,001 --> 01:34:07,000 OUT TO HAVE SUSAN RETURN TO 1084 01:34:07,001 --> 01:34:08,000 WASHINGTON AND FINALLY TELL HER 1085 01:34:08,001 --> 01:34:10,000 STORY, WITHOUT FEARING THAT HER 1086 01:34:10,001 --> 01:34:12,000 PERSONAL INFORMATION WOULD BE 1087 01:34:12,001 --> 01:34:16,000 RELEASED TO THE PRESS, THAT 1088 01:34:16,001 --> 01:34:18,000 INFORMATION WAS RELEASED ANYWAY. 1089 01:34:18,001 --> 01:34:20,000 WHILE SUSAN HAD NOTHING TO HIDE, 1090 01:34:20,001 --> 01:34:21,000 THE TREATMENT SHE RECEIVED IS 1091 01:34:21,001 --> 01:34:23,000 INDICATIVE OF THE ABUSIVE 1092 01:34:23,001 --> 01:34:24,000 TREATMENT AMERICAN CONSUMERS 1093 01:34:24,001 --> 01:34:27,000 HAVE BEEN SUBJECT TO AT THE 1094 01:34:27,001 --> 01:34:29,000 HANDS OF CREDIT CARD COMPANIES. 1095 01:34:29,001 --> 01:34:31,000 THIS KIND OF TREATMENT HAS TO STOP. 1096 01:34:31,001 --> 01:34:33,000 AND THAT'S WHY, MADAM PRESIDENT, 1097 01:34:33,001 --> 01:34:36,000 WE NEED THIS BILL. 1098 01:34:36,001 --> 01:34:37,000 THE BILL WILL PUT 1099 01:34:37,001 --> 01:34:39,000 COMMONSENSE RULES THAT WILL 1100 01:34:39,001 --> 01:34:42,000 PROTECT HONEST, HARD-WORKING 1101 01:34:42,001 --> 01:34:43,000 AMERICANS FROM UNFAIR AND 1102 01:34:43,001 --> 01:34:46,000 DOWNRIGHT ABUSIVE PRACTICES BY 1103 01:34:46,001 --> 01:34:47,000 CREDIT CARD ISSUERS. 1104 01:34:47,001 --> 01:34:50,000 I FIRST INTRODUCED SIMILAR 1105 01:34:50,001 --> 01:34:52,000 INDIVIDUAL CONSUMERS FROM THIS 1106 01:34:52,001 --> 01:34:55,000 KIND OF UNFAIR TREATMENT BY 1107 01:34:55,001 --> 01:34:56,000 CREDIT CARD COMPANIES BACK IN 1108 01:34:56,001 --> 01:34:58,000 2006 AS A MEMBER OF THE HOUSE OF 1109 01:34:58,001 --> 01:35:00,000 REPRESENTATIVES. 1110 01:35:00,001 --> 01:35:02,000 I REINTRODUCED THAT BILL IN THE 1111 01:35:02,001 --> 01:35:05,000 HOUSE IN 2007, AND LAST YEAR I 1112 01:35:05,001 --> 01:35:07,000 WORKED WITH CAROLYN MALONEY -- 1113 01:35:07,001 --> 01:35:08,000 REPRESENTATIVE CAROLYN MALONEY 1114 01:35:08,001 --> 01:35:10,000 FROM NEW YORK TO INCORPORATE THE 1115 01:35:10,001 --> 01:35:15,000 PRINCIPLES OF MY BILL IN THE 1116 01:35:15,001 --> 01:35:18,000 CREDIT CARDHOLDERS BILL OF RIGHTS. 1117 01:35:18,001 --> 01:35:19,000 I WANT TO THANK CONGRESSWOMAN 1118 01:35:19,001 --> 01:35:20,000 MALONEY FOR HIS HARD WORK AND 1119 01:35:20,001 --> 01:35:22,000 DEDICATION FOR WORKING ON THAT 1120 01:35:22,001 --> 01:35:23,000 LEGISLATION, WHICH PASSED THE 1121 01:35:23,001 --> 01:35:24,000 HOUSE LAST YEAR AND THEN AGAIN 1122 01:35:24,001 --> 01:35:26,000 JUST A FEW WEEKS AGO. 1123 01:35:26,001 --> 01:35:28,000 THIS YEAR ONE OF MY FIRST STEPS 1124 01:35:28,001 --> 01:35:31,000 AS A FRESHMAN SENATOR WAS TO 1125 01:35:31,001 --> 01:35:34,000 JOIN WITH SENATOR SCHUMER IN 1126 01:35:34,001 --> 01:35:35,000 INTRODUCING THE CREDIT CARDHOLDERS' BILL OF RIGHTS IN 1127 01:35:35,001 --> 01:35:37,000 THE SENATE. 1128 01:35:37,001 --> 01:35:39,000 THE LEGISLATION WE'RE 1129 01:35:39,001 --> 01:35:41,000 CONSIDERING HERE TODAY OVERLAPS 1130 01:35:41,001 --> 01:35:42,000 IN EVERY CATEGORY WITH THE BILL 1131 01:35:42,001 --> 01:35:44,000 SENATOR SCHUMER AND I 1132 01:35:44,001 --> 01:35:45,000 INTRODUCED, AND I DID WANT TO 1133 01:35:45,001 --> 01:35:48,000 ACKNOWLEDGE CHAIRMAN DODD 1134 01:35:48,001 --> 01:35:49,000 HIS LEADERSHIP ON THIS IMPORTANT ISSUE. 1135 01:35:49,001 --> 01:35:51,000 MADAM PRESIDENT, HERE'S WHAT THE 1136 01:35:51,001 --> 01:35:53,000 BILL DOES IN SHORT: 1137 01:35:53,001 --> 01:35:55,000 IT PROTECTS AGAINST ARBITRARY 1138 01:35:55,001 --> 01:35:57,000 INTEREST RATE INCREASES, NUMBER ONE. 1139 01:35:57,001 --> 01:35:59,000 NUMBER TWO, IT PREVENTS 1140 01:35:59,001 --> 01:36:01,000 CARDHOLDERS WHO PAY ON TIME FROM 1141 01:36:01,001 --> 01:36:04,000 BEING UNFAIRLY PENALIZED. 1142 01:36:04,001 --> 01:36:05,000 NUMBER THREE, IT BARS EXCESSIVE 1143 01:36:05,001 --> 01:36:08,000 FEES AND WILL REQUIRE MORE 1144 01:36:08,001 --> 01:36:10,000 FAIRNESS IN THE WAY PAYMENTS ARE HANDLED. 1145 01:36:10,001 --> 01:36:12,000 AND, FINALLY, IT WILL PROHIBIT 1146 01:36:12,001 --> 01:36:13,000 THE USE OF UNIVERSAL DEFAULT 1147 01:36:13,001 --> 01:36:16,000 CLAUSES LIKE I MENTIONED EARLIER 1148 01:36:16,001 --> 01:36:18,000 IN MY REMARKS. 1149 01:36:18,001 --> 01:36:20,000 NOW, WITH ALL DUE RESPECT, WE 1150 01:36:20,001 --> 01:36:22,000 KNOW HOW IMPORTANT 1151 01:36:22,001 --> 01:36:23,000 CARD INDUSTRY IS TO MODERN 1152 01:36:23,001 --> 01:36:24,000 AMERICA. 1153 01:36:24,001 --> 01:36:26,000 FOR MANY AMERICANS, CONSUMER 1154 01:36:26,001 --> 01:36:27,000 CREDIT IS MORE THAN A 1155 01:36:27,001 --> 01:36:29,000 CONVENIENCE; IT IS A NECESSITY. 1156 01:36:29,001 --> 01:36:32,000 YOU HAVE THE PARENT WHO USES 1157 01:36:32,001 --> 01:36:33,000 SHORT-TERM CREDIT TO BUY 1158 01:36:33,001 --> 01:36:37,000 GROCERS, THE SMALL BUSINESS 1159 01:36:37,001 --> 01:36:39,000 OWNER WHO USES CREDIT TO COVER 1160 01:36:39,001 --> 01:36:43,000 EXPENSES; AND IN THAT REGARD A 1161 01:36:43,001 --> 01:36:45,000 WELL-FUNCTIONING CREDIT CARD DRY 1162 01:36:45,001 --> 01:36:46,000 IS ABSOLUTELY ESSENTIAL TO OUR ECONOMY. 1163 01:36:46,001 --> 01:36:48,000 BUT THIS INFLUENCE SHOULDN'T 1164 01:36:48,001 --> 01:36:49,000 GIVE THE CREDIT CARD INDUSTRY 1165 01:36:49,001 --> 01:36:53,000 THE RIGHT TO ABUSE CUSTOMERS 1166 01:36:53,001 --> 01:36:54,000 WITH AN PRO 1167 01:36:54,001 --> 01:36:57,000 ANYTHING-GOES-IN-THE-NAME-OF-PRO FIT APPROACH. 1168 01:36:57,001 --> 01:36:58,000 FOR FAR TOO LONG THE FEDERAL 1169 01:36:58,001 --> 01:37:00,000 GOVERNMENT HAS PLACED THE BLAME 1170 01:37:00,001 --> 01:37:02,000 FOR INDIVIDUAL'S OVERBEARING 1171 01:37:02,001 --> 01:37:03,000 DEBT SOLELY AT THE FEET OF THE 1172 01:37:03,001 --> 01:37:10,000 AMERICAN CONSUMER. 1173 01:37:10,001 --> 01:37:12,000 MOST NOTABLY 2005, THE LAWS 1174 01:37:12,001 --> 01:37:14,000 GOVERNING BANKRUPTCY WERE 1175 01:37:14,001 --> 01:37:16,000 CHANGED TO PREVENT 1176 01:37:16,001 --> 01:37:19,000 BUT TOO MUCH EMPHASIS WAS PLACED 1177 01:37:19,001 --> 01:37:22,000 ON BORROWERS ALONE. 1178 01:37:22,001 --> 01:37:24,000 D JUST AS CONGRESS HAS CRACKED 1179 01:37:24,001 --> 01:37:27,000 DOWN ON THE PREDATORY LENDING 1180 01:37:27,001 --> 01:37:29,000 THAT SPURRED THE SUBPRIME 1181 01:37:29,001 --> 01:37:30,000 CRIS, CONGRESS MUST ALSO DO 1182 01:37:30,001 --> 01:37:32,000 MORE TO PROMOTE RESPONSIBILITY 1183 01:37:32,001 --> 01:37:33,000 BY THE CREDIT CARD COMPANIES 1184 01:37:33,001 --> 01:37:34,000 THAT PROVIDE THIS IMPORTANT 1185 01:37:34,001 --> 01:37:35,000 CONSUMER CREDIT. 1186 01:37:35,001 --> 01:37:36,000 MADAM PRESIDENT, THE LAST 1187 01:37:36,001 --> 01:37:37,000 SEVERAL MONTHS, THE FEDERAL 1188 01:37:37,001 --> 01:37:40,000 GOVERNMENT HAS TAKEN 1189 01:37:40,001 --> 01:37:42,000 EXTRAORDINARY STEPS TO RESPOND 1190 01:37:42,001 --> 01:37:44,000 TO A FINANCIAL CRISIS THAT'S 1191 01:37:44,001 --> 01:37:46,000 PARALYZED THE CREDIT MARKETS. 1192 01:37:46,001 --> 01:37:48,000 THIS CRISIS WAS BROUGHT ON, AS 1193 01:37:48,001 --> 01:37:50,000 WE KNOW ALL TOO WELL, BY 1194 01:37:50,001 --> 01:37:51,000 EX 1195 01:37:51,001 --> 01:37:53,000 TAKING ON THE PART OF THE BANKS 1196 01:37:53,001 --> 01:37:55,000 THAT HAVE TREATED CREDIT CARD 1197 01:37:55,001 --> 01:37:56,000 CUSTOMERS LIKE SUSAN SO 1198 01:37:56,001 --> 01:37:58,000 UNFAIMPLE I SUPPORTED MANY OF 1199 01:37:58,001 --> 01:37:59,000 THOSE STEPS TO RESCUE THE 1200 01:37:59,001 --> 01:38:03,000 FINANCIAL INDUSTRY. 1201 01:38:03,001 --> 01:38:05,000 AS MANY IN THE SENATE HAVE DONE 1202 01:38:05,001 --> 01:38:06,000 AS WELL. 1203 01:38:06,001 --> 01:38:08,000 DESPITE MY DISTASTE FOR DOING SO 1204 01:38:08,001 --> 01:38:10,000 BECAUSE I FELT THEY WERE 1205 01:38:10,001 --> 01:38:12,000 NECESSARY TO STABLIZE OUR 1206 01:38:12,001 --> 01:38:14,000 ECONOMY AND GET CREDIT FLOWING AGAIN. 1207 01:38:14,001 --> 01:38:15,000 IT IS NOW TIME THAT WE START 1208 01:38:15,001 --> 01:38:17,000 WORKING TO LEVEL THE PLAYING 1209 01:38:17,001 --> 01:38:18,000 FIELD FOR 1210 01:38:18,001 --> 01:38:21,000 BEING ASKED TO PICK UP THE TAB. 1211 01:38:21,001 --> 01:38:23,000 MADAM PRESIDENT, AS I CLOSE, I 1212 01:38:23,001 --> 01:38:25,000 WANT TO UNDERLINE THAT THIS IS A 1213 01:38:25,001 --> 01:38:27,000 COMMONSENSE BILL WHOSE TIME HAS COME. 1214 01:38:27,001 --> 01:38:29,000 IT'S TIME TO STAND UP FOR 1215 01:38:29,001 --> 01:38:31,000 WORKING FAMILIES AGAIN. 1216 01:38:31,001 --> 01:38:33,000 THIS LEGISLATION IS A BIG STEP 1217 01:38:33,001 --> 01:38:34,000 IN THAT DIRECTION, AND AGAIN I 1218 01:38:34,001 --> 01:38:37,000 WANT TO URGE MY COLLEAGUES TO 1219 01:38:37,001 --> 01:38:38,000 SUPPORT IT. 1220 01:38:38,001 --> 01:38:40,000 MADAM PRESIDENT, I WOULD ASK 1221 01:38:40,001 --> 01:38:41,000 THAT MY REMARKS BE PRINTED IN 1222 01:38:41,001 --> 01:38:45,000 THE RECORD IN THE APPROPRIATE 1223 01:38:45,001 --> 01:38:46,000 PLACE FOLLOWING THE TEXT OF THE BILL. 1224 01:38:46,001 --> 01:38:47,000 THE PRESIDING OFFICER: WITHOUT OBJECTION. 1225 01:38:47,001 --> 01:38:49,000 MR. UDALL: MADAM PRESIDENT, I 1226 01:38:49,001 --> 01:38:50,000 YIELD THE FLOOR. 1227 01:38:50,001 --> 01:38:51,000 MR. SANDERS: MADAM PRESIDENT? 1228 01:38:51,001 --> 01:38:53,000 THE PRESIDING OFFICER: THE 1229 01:38:53,001 --> 01:38:55,000 SENATOR FROM MR. SANDERS: I MOVE TO SET 1230 01:38:55,001 --> 01:38:57,000 ASIDE THE PENDING AMENDMENT SO I 1231 01:38:57,001 --> 01:38:58,000 CAN CALL UP SENATE AMENDMENT 1232 01:38:58,001 --> 01:38:59,000 1062, AND I ASK FOR ITS 1233 01:38:59,001 --> 01:39:00,000 IMMEDIATE CONSIDERATION. 1234 01:39:00,001 --> 01:39:01,000 THE PRESIDING OFFICER: IS 1235 01:39:01,001 --> 01:39:03,000 THERE OBJTION? 1236 01:39:03,001 --> 01:39:05,000 WITHOUT OBJECTION, SO ORDERED. 1237 01:39:05,001 --> 01:39:07,000 MR. S -- THE PRESIDING OFFICER: THE 1238 01:39:07,001 --> 01:39:09,000 CLERK WILL REPORT. 1239 01:39:09,001 --> 01:39:10,000 THE CLERK: 1240 01:39:10,001 --> 01:39:13,000 VERMONT, 1241 01:39:13,001 --> 01:39:18,000 AMENDMENT NUMBERED 1062 1242 01:39:18,001 --> 01:39:19,000 AMENDMENT NUMBER 1243 01:39:19,001 --> 01:39:21,000 MR. SANDERS: MADAM PRESIDENT, 1244 01:39:21,001 --> 01:39:24,000 THIS AMENDMENT NUMBER 1062 IS 1245 01:39:24,001 --> 01:39:26,000 BEING COSPONSORED BY SENATORS 1246 01:39:26,001 --> 01:39:27,000 HARKIN, SENATOR DURBIN, SENATOR 1247 01:39:27,001 --> 01:39:28,000 LEVIN, SENATOR LEAHY, AND 1248 01:39:28,001 --> 01:39:29,000 SENATOR WHITEHOUSE. 1249 01:39:29,001 --> 01:39:31,000 BEFORE I SPEAK ON THIS 1250 01:39:31,001 --> 01:39:32,000 AMENDMENT, LET ME BEGIN BY 1251 01:39:32,001 --> 01:39:34,000 COMMENDING THE CHAIRMAN OF THE 1252 01:39:34,001 --> 01:39:36,000 BANKING COMMITTEE, SENATOR DODD, 1253 01:39:36,001 --> 01:39:38,000 AND RANKING MEMBER SHELBY FOR 1254 01:39:38,001 --> 01:39:39,000 INTRODUCING THE UNDERLYING BILL 1255 01:39:39,001 --> 01:39:41,000 THAT WE ARE DEBATING TODAY THAT, 1256 01:39:41,001 --> 01:39:43,000 FOR THE FIRST TIME, WOULD 1257 01:39:43,001 --> 01:39:45,000 SERIOUSLY BEGIN TO CRACK DOWN ON 1258 01:39:45,001 --> 01:39:48,000 BIG BANKS AND CREDIT CARD 1259 01:39:48,001 --> 01:39:49,000 ISSUERS THAT ARE RIPPING OFF 1260 01:39:49,001 --> 01:39:51,000 MILLIONS OF AMERICAN CONSUMERS 1261 01:39:51,001 --> 01:39:53,000 BY CHARGING OUTRAGEOUSLY HIGH 1262 01:39:53,001 --> 01:39:54,000 INTEREST RATES AND SKY-HIGH 1263 01:39:54,001 --> 01:39:56,000 FEES. 1264 01:39:56,001 --> 01:39:58,000 THE AMERICAN 1265 01:39:58,001 --> 01:40:00,000 LOUDLY AND CLEARLY, ENOUGH IS 1266 01:40:00,001 --> 01:40:01,000 ENOUGH, AND THIS LEGISLATION 1267 01:40:01,001 --> 01:40:03,000 BEGINS -- BEGINS -- TO MOVE US 1268 01:40:03,001 --> 01:40:06,000 IN THE RIGHT DIRECTION. 1269 01:40:06,001 --> 01:40:07,000 I WOULD ALSO LIKE TO COMMEND 1270 01:40:07,001 --> 01:40:09,000 PRESIDENT OBAMA FOR HIS 1271 01:40:09,001 --> 01:40:11,000 LEADERSHIP ON THIS ISSUE. 1272 01:40:11,001 --> 01:40:13,000 WITHOUT HIS TENACIOUS SUPPORT 1273 01:40:13,001 --> 01:40:15,000 FOR THIS BILL, IT IS DOUBTFUL 1274 01:40:15,001 --> 01:40:16,000 THAT WE WOULD HAVE THE NECESSARY 1275 01:40:16,001 --> 01:40:18,000 VOTES TO PASS THIS IMPORTANT 1276 01:40:18,001 --> 01:40:20,000 PIECE OF LEGISLATION AND WE WILL 1277 01:40:20,001 --> 01:40:22,000 HAVE THE NECESSARY VOTES TO DO 1278 01:40:22,001 --> 01:40:24,000 THAT. 1279 01:40:24,001 --> 01:40:25,000 MADAM PRESIDENT, UNDER THE 1280 01:40:25,001 --> 01:40:27,000 DODD-SHELBY BILL, CREDIT CARD 1281 01:40:27,001 --> 01:40:29,000 COMPANIES WILL NO LONGER BE ABLE 1282 01:40:29,001 --> 01:40:31,000 TO RAISE INTEREST RATES AT ANY 1283 01:40:31,001 --> 01:40:32,000 TIME, FOR ANY REASON. 1284 01:40:32,001 --> 01:40:34,000 CREDIT CARD COMPANIES WILL BE 1285 01:40:34,001 --> 01:40:36,000 BANNED FROM RETROACTIVELY 1286 01:40:36,001 --> 01:40:37,000 RAISING INTEREST RATES ON 1287 01:40:37,001 --> 01:40:39,000 CONSUMERS WHO ARE LESS THAN 60 1288 01:40:39,001 --> 01:40:41,000 DAYS LATE IN PAYING TIR CREDIT 1289 01:40:41,001 --> 01:40:42,000 CARD BILLS. 1290 01:40:42,001 --> 01:40:44,000 THIS BILL ALSO PROHIBITS CREDIT 1291 01:40:44,001 --> 01:40:46,000 CARD ISSUERS FROM INCREASING 1292 01:40:46,001 --> 01:40:48,000 INTERE RATES ON CONSUMERS 1293 01:40:48,001 --> 01:40:50,000 DURING THE FIRST YEAR AFTER A 1294 01:40:50,001 --> 01:40:53,000 CREDIT CARD ACCOUNT IS OPENED 1295 01:40:53,001 --> 01:40:54,000 AND IT 1296 01:40:54,001 --> 01:40:56,000 LAST AT LEAST SIX -- TEASER 1297 01:40:56,001 --> 01:40:57,000 RATES TO LAST AT LEAST SIX 1298 01:40:57,001 --> 01:41:00,000 MONTHS, AMONG MANY OTHER THINGS. 1299 01:41:00,001 --> 01:41:01,000 MADAM PRESIDENT, WHEN I WAS THE 1300 01:41:01,001 --> 01:41:03,000 RANKING MEMBER OF THE FINANCIAL 1301 01:41:03,001 --> 01:41:04,000 INSTITUTIONS AND CONSUMER CREDIT 1302 01:41:04,001 --> 01:41:09,000 SUBCOMMITTEE IN THE HOUSE, I 1303 01:41:09,001 --> 01:41:10,000 FOUGHT TO END THE 1304 01:41:10,001 --> 01:41:11,000 BAIT-AND-SWITCH PRACTICES OF THE 1305 01:41:11,001 --> 01:41:13,000 CREDIT CARD COMPANIES FOR YEARS, 1306 01:41:13,001 --> 01:41:15,000 SOMETHING WE REALLY WORKED ON 1307 01:41:15,001 --> 01:41:17,000 FOR A LONG TIME IN THE 1308 01:41:17,001 --> 01:41:19,000 AND I APPLAUD CHAIRMAN DODD FOR 1309 01:41:19,001 --> 01:41:20,000 PUTTING A STOP TO SOME OF THE 1310 01:41:20,001 --> 01:41:21,000 MOST EGREGIOUS PRACTES BEING 1311 01:41:21,001 --> 01:41:23,000 PERPETRATED BY THE CREDIT CARD 1312 01:41:23,001 --> 01:41:25,000 COMPANIES TODAY. 1313 01:41:25,001 --> 01:41:26,000 BUT, MADAM PRESIDENT, WHILE 1314 01:41:26,001 --> 01:41:28,000 CHAIRMAN DODD AND RANKING MEMBER 1315 01:41:28,001 --> 01:41:30,000 SHELBY DESERVE STRONG CREDIT FOR 1316 01:41:30,001 --> 01:41:32,000 STANDING UP TO THE 1317 01:41:32,001 --> 01:41:34,000 CREDIT CARD ISSUERS WHO OPPOSE 1318 01:41:34,001 --> 01:41:36,000 THIS LEGISLATION, IN MY VIEW, 1319 01:41:36,001 --> 01:41:38,000 THIS BILL, AS GOOD AS IT 1320 01:41:38,001 --> 01:41:40,000 DOES NOT GO FAR ENOUGH -- AND 1321 01:41:40,001 --> 01:41:42,000 THAT IS WHY AM INTRODUCING 1322 01:41:42,001 --> 01:41:45,000 TH AMENDMENT TODAY. 1323 01:41:45,001 --> 01:41:47,000 MADAM PRESIDENT, AT A TIME WHEN 1324 01:41:47,001 --> 01:41:50,000 BANKS ARE RECEIVING THE LARGEST 1325 01:41:50,001 --> 01:41:53,000 TAXPAYER BAILOUT IN THE HISTORY 1326 01:41:53,001 --> 01:41:54,000 OF THE WORLD 1327 01:41:54,001 --> 01:41:58,000 FEDERAL RESERVE IS PROVIDING 1328 01:41:58,001 --> 01:42:00,000 BANKS WITH ZERO-INTEREST LOANS, 1329 01:42:00,001 --> 01:42:02,000 THOSE SAME BANKS ARE NOW 1330 01:42:02,001 --> 01:42:04,000 CHARGING CONSUMERS OUTRAGEOUS 1331 01:42:04,001 --> 01:42:07,000 FEES AND SKY-HIGH INTEREST RATES 1332 01:42:07,001 --> 01:42:10,000 ON CREDIT CARDS AND OTHER LOANS. 1333 01:42:10,001 --> 01:42:11,000 IN OTHER WORDS, AFTER TAKING 1334 01:42:11,001 --> 01:42:13,000 \$700 BILLION FROM THE TAXPAYERS, 1335 01:42:13,001 --> 01:42:15,000 AFTER GETTING ZERO-INTEREST 1336 01:42:15,001 --> 01:42:17,000 LOANS FROM THE FED, WHAT THESE 1337 01:42:17,001 --> 01:42:18,000 BANKS ARE NOW SAYING IS, THANK 1338 01:42:18,001 --> 01:42:20,000 YOU VERY MUCH, CHUMP. 1339 01:42:20,001 --> 01:42:22,000 WE'RE GOING TO TAKE YOUR MONEY 1340 01:42:22,001 --> 01:42:25,000 AND THEN WE'RE GOING TO CHARGE 1341 01:42:25,001 --> 01:42:27,000 YOU 25% OR 30% INTEREST RATES. 1342 01:42:27,001 --> 01:42:29,000 AND ALL OVER THIS COUNTRY PEOPLE 1343 01:42:29,001 --> 01:42:31,000 ARE SAYING, SORRY, THAT CANNOT 1344 01:42:31,001 --> 01:42:34,000 BE ALLOWED TO CONTINUE, AND THAT 1345 01:42:34,001 --> 01:42:36,000 IS WHY WE ARE HERE TONIGHT. 1346 01:42:36,001 --> 01:42:38,000 MADAM PRESIDENT, TODAY ONE-THIRD 1347 01:42:38,001 --> 01:42:40,000 -- ONE-THIRD -- 1348 01:42:40,001 --> 01:42:43,000 CARDHOLDERS OF THIS COUNTRY ARE 1349 01:42:43,001 --> 01:42:47,000 PAYING INTEREST RATES ABOVE 20% 1350 01:42:47,001 --> 01:42:49,000 AND AS HIGH AS 1351 01:42:49,001 --> 01:42:53,000 DOUBLE -- MORE THAN DOUBLE WHAT 1352 01:42:53,001 --> 01:42:55,000 THEY PAID IN INTEREST IN 1990. 1353 01:42:55,001 --> 01:42:57,000 19 YEARS LATER PEOPLE ARE NOW 1354 01:42:57,001 --> 01:42:58,000 PAYING DOUBLE WHAT THEY PAID IN 1355 01:42:58,001 --> 01:43:00,000 1990. 1356 01:43:00,001 --> 01:43:03,000 ACCORDING T A RECENT 1357 01:43:03,001 --> 01:43:05,000 "BUSINESSWEEK" ARTICLE, "BANK OF 1358 01:43:05,001 --> 01:43:07,000 AMERICA SENT LETTERS, NOTIFIED 1359 01:43:07,001 --> 01:43:08,000 SOME RESPONSIBLE CARDHOLDERS 1360 01:43:08,001 --> 01:43:12,000 THAT IT WOULD MORE THANOUBLE 1361 01:43:12,001 --> 01:43:14,000 THEIR RATES TO AS HIGH AS 28% 1362 01:43:14,001 --> 01:43:16,000 WITHOUT GIVING 1363 01:43:16,001 --> 01:43:17,000 FOR THE INCREASE. 1364 01:43:17,001 --> 01:43:20,000 WHAT'S STRIKING IS HOW ARBITRARY 1365 01:43:20,001 --> 01:43:21,000 THE BANK OF AMERICA RATE 1366 01:43:21,001 --> 01:43:22,000 INCREASES APPEAR." 1367 01:43:22,001 --> 01:43:24,000 END OF QUOTE, "BUSINESSWEEK." 1368 01:43:24,001 --> 01:43:26,000 IN OTHER WORDS, THEY ARE DOING 1369 01:43:26,001 --> 01:43:28,000 IT -- AND I KNOW MANY PEOPLE IN 1370 01:43:28,001 --> 01:43:31,000 VERMONT CALL UP AND THEY SAY, I 1371 01:43:31,001 --> 01:43:34,000 PAID MY BILLS EVERY TIME. 1372 01:43:34,001 --> 01:43:37,000 WHY ARE YOU DOUBLING MY INTEREST 1373 01:43:37,001 --> 01:43:38,000 FEES -- MY INTEREST RATES, AND 1374 01:43:38,001 --> 01:43:39,000 ESSENTIAY WHAT THE BANK IS 1375 01:43:39,001 --> 01:43:40,000 SAYING, WE ARE DOING IT BECAUSE 1376 01:43:40,001 --> 01:43:41,000 WE CAN DO IT. 1377 01:43:41,001 --> 01:43:43,000 WE CAN DO IT. 1378 01:43:43,001 --> 01:43:45,000 AND THAT IS NOT ACCEPTABLE. 1379 01:43:45,001 --> 01:43:46,000 CITIGROUP, BANK OF AMERICA, 1380 01:43:46,001 --> 01:43:48,000 WELLS FARGO AND OTHER BANKS 1381 01:43:48,001 --> 01:43:50,000 SHOULD NOT BE PERMITTED TO 1382 01:43:50,001 --> 01:43:52,000 CHARGE CONSUMERS 25% TO 30% 1383 01:43:52,001 --> 01:43:54,000 INTEREST ON THEIR CREDIT CARDS 1384 01:43:54,001 --> 01:43:56,000 WHILE THEY ARE GETTING BAILED 1385 01:43:56,001 --> 01:43:58,000 OUT BY THE MIDDLE CLASS OF THIS 1386 01:43:58,001 --> 01:43:59,000 COUNTRY. 1387 01:43:59,001 --> 01:44:00,000 THE AMENDMENT -- SO THE 1388 01:44:00,001 --> 01:44:02,000 AMENDMENT I AM 1389 01:44:02,001 --> 01:44:04,000 WITH SENATORS HARKIN, DURBIN, 1390 01:44:04,001 --> 01:44:07,000 LEVIN, LEAHY, AND WHITEHOUSE 1391 01:44:07,001 --> 01:44:10,000 WOULD CAP CREDIT CARD INTEREST 1392 01:44:10,001 --> 01:44:13,000 RATES AT 15%, THE SAME INTEREST 1393 01:44:13,001 --> 01:44:15,000 RATE CAP THAT CONGRESS IMPOSED 1394 01:44:15,001 --> 01:44:17,000 ON CREDIT UNIONS ALMOST 30 YEARS 1395 01:44:17,001 --> 01:44:18,000 AGO. 1396 01:44:18,001 --> 01:44:20,000 UNDER OUR AMENDMENT, THE FEDERAL 1397 01:44:20,001 --> 01:44:22,000 RESERVE WOUL HAVE THE AUTHORITY 1398 01:44:22,001 --> 01:44:23,000 TO ALLOW CREDIT CARD LENDERS TO 1399 01:44:23,001 --> 01:44:25,000 CHARGE HIGHER RATES IF THE FED 1400 01:44:25,001 --> 01:44:27,000 DETERMINES THAT THIS CAP WOULD 1401 01:44:27,001 --> 01:44:28,000 THREATEN THE SAFETY AND 1402 01:44:28,001 --> 01:44:32,000 SOUNDNESS OF FINANCIAL INSTITUTIONS. 1403 01:44:32,001 --> 01:44:35,000 IN OTHER WORDS, THE TIME IS NOW 1404 01:44:35,001 --> 01:44:38,000 -- NOT TOMORROW, NOT NEXT YEAR, 1405 01:44:38,001 --> 01:44:39,000 BUT NOW -- TO HAVE A NATIONAL 1406 01:44:39,001 --> 01:44:41,000 USURY RATE. 1407 01:44:41,001 --> 01:44:44,000 AS A NATION, WHAT WE MUST SAY IS 1408 01:44:44,001 --> 01:44:48,000 THAT BANKS CANNOT CHARGE PEOPLE 1409 01:44:48,001 --> 01:44:49,000 25% OR 30%. 1410 01:44:49,001 --> 01:44:51,000 AND AS I'VE JUST MENTIONED, THIS 1411 01:44:51,001 --> 01:44:52,000 IS NOT A NEW IDEA THAT I PULLED 1412 01:44:52,001 --> 01:44:55,000 OUT OF MY EAR. 1413 01:44:55,001 --> 01:44:56,000 THIS IN FACT IS WHAT CREDIT 1414 01:44:56,001 --> 01:44:58,000 UNIONS HAVE BEEN LIVING UNDER 1415 01:44:58,001 --> 01:44:59,000 FOR THE LAST 30 YEARS. 1416 01:44:59,001 --> 01:45:01,000 AND YOU KNOW WHAT? 1417 01:45:01,001 --> 01:45:02,000 FINE. 1418 01:45:02,001 --> 01:45:04,000 I DON'T SEE THEM CRAWLING IN 1419 01:45:04,001 --> 01:45:05,000 HERE ASKING FOR HUNDREDS OF 1420 01:45:05,001 --> 01:45:06,000 BILLIONS OF DOLLARS OF BAILOUT 1421 01:45:06,001 --> 01:45:08,000 MONEY. 1422 01:45:08,001 --> 01:45:09,000 THEY'RE DOING FINE WITH THAT 1423 01:45:09,001 --> 01:45:12,000 REGULATION, AND WE SHOULD IMPOSE 1424 01:45:12,001 --> 01:45:13,000 THAT SAME REGULATION ON THE 1425 01:45:13,001 --> 01:45:15,000 PRIVATE BANKS AS WELL. 1426 01:45:15,001 --> 01:45:18,000 MADAM PRESIDENT, ESTABLISHING A 1427 01:45:18,001 --> 01:45:19,000 NATIONAL USURY 1428 01:45:19,001 --> 01:45:22,000 RADICAL CONCEPT. 1429 01:45:22,001 --> 01:45:24,000 UP UNTIL 1978, ABOUT HALF THE 1430 01:45:24,001 --> 01:45:27,000 STATES IN OUR COUNTRY HAD USURY 1431 01:45:27,001 --> 01:45:29,000 LAWS ON THE BOOKS CAPPING CREDIT 1432 01:45:29,001 --> 01:45:30,000 CARD INTEREST RATES. 1433 01:45:30,001 --> 01:45:33,000 WHE THESE STATE USURY LAWS 1434 01:45:33,001 --> 01:45:35,000 REMAIN ON THE BOOKS IN SEVERAL 1435 01:45:35,001 --> 01:45:38,000 STATES, THEY WERE EFFECTIVELY 1436 01:45:38,001 --> 01:45:40,000 ERADICATED BY A 1978 SUPREME 1437 01:45:40,001 --> 01:45:43,000 COURT 1438 01:45:43,001 --> 01:45:44,000 NATIONAL BANK v. FIRST OF 1439 01:45:44,001 --> 01:45:46,000 OMAHA SERVICE CORPORATION, WHICH 1440 01:45:46,001 --> 01:45:47,000 CONCLUDED THAT NATIONAL BANKS 1441 01:45:47,001 --> 01:45:50,000 COULD CHARGE WHATEVER INTEREST 1442 01:45:50,001 --> 01:45:53,000 RATE THEY WANTED IF THEY MOVED 1443 01:45:53,001 --> 01:45:55,000 TO A STATE WITHOUT A USURY LAW, 1444 01:45:55,001 --> 01:45:57,000 WHICH IS OF COURSE WHAT THEY DO. 1445 01:45:57,001 --> 01:45:58,000 SOUTH DAKOTA, DELAWARE, OTHER 1446 01:45:58,001 --> 01:46:00,000 STATES DO NOT HAVE USURY LAWS, 1447 01:46:00,001 --> 01:46:02,000 AND THAT'S WHERE THESE COMPANIES 1448 01:46:02,001 --> 01:46:05,000 MOVE. 1449 01:46:05,001 --> 01:46:07,000 OUR AMENDMENT SIMPLY APPLIES THE 1450 01:46:07,001 --> 01:46:09,000 SAME STATUTORY INTEREST RATE CAP 1451 01:46:09,001 --> 01:46:12,000 ON CREDIT CARDS THAT CONGRESS 1452 01:46:12,001 --> 01:46:14,000 IMPOSED ON CREDIT 1453 01:46:14,001 --> 01:46:17,000 1980, CAPPING INTEREST RATES AT 1454 01:46:17,001 --> 01:46:19,000 15%. 1455 01:46:19,001 --> 01:46:20,000 THE NATIONAL CREDIT UNION 1456 01:46:20,001 --> 01:46:22,000 ADMINISTRATION HAS THE AUTHORITY 1457 01:46:22,001 --> 01:46:24,000 TO RAISE 1458 01:46:24,001 --> 01:46:25,000 DETERMINES THAT THE 15% CAP 1459 01:46:25,001 --> 01:46:28,000 THREATENS THE SAFETY AND 1460 01:46:28,001 --> 01:46:35,000 SOUNDNESS OF CREDIT UNIONS. 1461 01:46:35,001 --> 01:46:37,000 MADAM PRESIDENT, IT IS ALSO 1462 01:46:37,001 --> 01:46:40,000 IMPORTANT TO KNOW THAT THE 1463 01:46:40,001 --> 01:46:42,000 CONCEPT THAT I'M BRINGING FORTH 1464 01:46:42,001 --> 01:46:45,000 TONI 1465 01:46:45,001 --> 01:46:46,000 SENATOR AL D'AMATO, A REPUBLICAN 1466 01:46:46,001 --> 01:46:47,000 OF NEW YORK, WHO WAS THEN 1467 01:46:47,001 --> 01:46:49,000 CHAIRMAN OF THE BANKING 1468 01:46:49,001 --> 01:46:53,000 COMMITTEE, BY THE WAY, ADVOCATED 1469 01:46:53,001 --> 01:46:54,000 FOR IN 1991 WHEN HE OFFERED AN 1470 01:46:54,001 --> 01:46:56,000 AMENDMENT TO CAP CREDIT CARD 1471 01:46:56,001 --> 01:46:57,000 INTEREST RATES. 1472 01:46:57,001 --> 01:46:59,000 THE D'AMATO AMENDMENT WOULD HAVE 1473 01:46:59,001 --> 01:47:00,000 CAPPED ALL CREDIT CARD INTEREST 1474 01:47:00,001 --> 01:47:02,000 RATES AT 14%. 1475 01:47:02,001 --> 01:47:04,000 YOU KNOW WHAT? 1476 01:47:04,001 --> 01:47:06,000 THAT 1477 01:47:06,001 --> 01:47:10,000 OF THE SENATE BY AN OVERWHELMING 1478 01:47:10,001 --> 01:47:14,000 VOTE OF 74-19. 1479 01:47:14,001 --> 01:47:17,000 THAT WAS BACK IN 1991, 1480 01:47:17,001 --> 01:47:20,000 THAT AMENDMENT RECEIVED 74 VOTES 1481 01:47:20,001 --> 01:47:21,000 IN 1482 01:47:21,001 --> 01:47:23,000 AMENDMENT SHOULD RECEIVE EVEN 1483 01:47:23,001 --> 01:47:25,000 MORE BECAUSE THE SITUATION TODAY 1484 01:47:25,001 --> 01:47:26,000 IS MORE EGREGIOUS THAN IT WAS IN 1485 01:47:26,001 --> 01:47:29,000 1991. 1486 01:47:29,001 --> 01:47:31,000 AND HERE IS WHAT THE REPUBLICAN 1487 01:47:31,001 --> 01:47:33,000 SENATOR, THEN CHAIRMAN OF THE 1488 01:47:33,001 --> 01:47:35,000 BANKING COMMITTEE, AL D'AMATO 1489 01:47:35,001 --> 01:47:36,000 SAID: 1490 01:47:36,001 --> 01:47:38,000 "14% IS CERTAINLY A REASONABLE 1491 01:47:38,001 --> 01:47:40,000 RATE OF INTEREST FOR BANKS TO 1492 01:47:40,001 --> 01:47:43,000 CHARGE CUSTOMERS FOR CREDIT CARD DEBT. 1493 01:47:43,001 --> 01:47:44,000 IT ALLOWS A COMFORTABLE PROT 1494 01:47:44,001 --> 01:47:46,000 MARGIN BUT KEEPS BANKS IN LINE 1495 01:47:46,001 --> 01:47:48,000 SO THAT INTEREST RATES RISE AND 1496 01:47:48,001 --> 01:47:49,000 FALL WITH THE HEALTH OF THE ECONOMY." 1497 01:47:49,001 --> 01:47:51,000 END OF QUOTE. 1498 01:47:51,001 --> 01:47:53,000 HE WAS RIGHT THEN, AND WE ARE 1499 01:47:53,001 --> 01:48:00,000 RIGHT NOW. 1500 01:48:00,001 --> 01:48:02,000 MADAM PRESIDENT, THE BIBLE HAS A 1501 01:48:02,001 --> 01:48:04,000 TERM FOR WHAT WE ARE SEEING 1502 01:48:04,001 --> 01:48:06,000 TODAY -- 1503 01:48:06,001 --> 01:48:07,000 I SEE A LOT OF MY FRIENDS COMING 1504 01:48:07,001 --> 01:48:09,000 TO THE FLOOR AND 1505 01:48:09,001 --> 01:48:11,000 BIBLE, AND I DON'T OFTEN DO IT 1506 01:48:11,001 --> 01:48:13,000 BUT LET ME DO IT AT THIS MOMENT. 1507 01:48:13,001 --> 01:48:15,000 THE BIBLICAL -- IN THE BIBLE, 1508 01:48:15,001 --> 01:48:17,000 QUITE OFTEN WE SEE THE 1509 01:48:17,001 --> 01:48:18,000 "USURY." 1510 01:48:18,001 --> 01:48:20,000 IT APPEARS VERY OBVIOUS IN THE 1511 01:48:20,001 --> 01:48:22,000 BIBLE. 1512 01:48:22,001 --> 01:48:25,000 BECAUSE NOT -- IT APPEARS VERY OFTEN IN THE BIBLE. 1513 01:48:25,001 --> 01:48:26,000 BECAUSE NOT ONLY IN CHRISTIANITY 1514 01:48:26,001 --> 01:48:29,000 CHRISTIANITY, IN GUY DAYISM, IN 1515 01:48:29,001 --> 01:48:31,000 THE MUSLIM WORLD THERE IS A 1516 01:48:31,001 --> 01:48:35,000 BECAUSE NOT ONLY IN 1517 01:48:35,001 --> 01:48:37,000 CHRISTIANITY, IN JUDAISM, IN THE 1518 01:48:37,001 --> 01:48:39,000 MUSLIM WORLD, THERE IS A STRONG 1519 01:48:39,001 --> 01:48:41,000 SENSE THAT THAT TYPE OF ACTIVITY 1520 01:48:41,001 --> 01:48:44,000 IS NOT RIGHT. 1521 01:48:44,001 --> 01:48:47,000 IN DANTE'S, "THE DIVINE COMEDY" 1522 01:48:47,001 --> 01:48:49,000 THERE WAS A SPECIAL PLACE 1523 01:48:49,001 --> 01:48:54,000 RESERVED IN THE SEVENTH CIRCLE 1524 01:48:54,001 --> 01:48:56,000 OF FOR PEOPLE WHO CHARGED PEOPLE 1525 01:48:56,001 --> 01:48:58,000 USURIOUS INTEREST RATES. 1526 01:48:58,001 --> 01:49:00,000 SO THAT IS A WARNING FOR 1527 01:49:00,001 --> 01:49:02,000 FRIENDS IN THE CREDIT CARD INTEREST BUSINESS. 1528 01:49:02,001 --> 01:49:04,000 SO TODAY WE DON'T NEED THE 1529 01:49:04,001 --> 01:49:06,000 RIVERS OF BOILING WATER BUT WE 1530 01:49:06,001 --> 01:49:07,000 DO NEED A NATIONAL USURY LAW 1531 01:49:07,001 --> 01:49:09,000 CAPPING CREDIT CARD INTEREST 1532 01:49:09,001 --> 01:49:11,000 RATES A 1533 01:49:11,001 --> 01:49:13,000 PROPOSING THIS AMENDMENT TODAY. 1534 01:49:13,001 --> 01:49:15,000 MADAM PRESIDENT, I AM NOT UNDER 1535 01:49:15,001 --> 01:49:18,000 ANY ILLUSION THAT 1536 01:49:18,001 --> 01:49:20,000 WILL EASILY PASS. 1537 01:49:20,001 --> 01:49:22,000 AFTER ALL, THE FINANCIAL 1538 01:49:22,001 --> 01:49:24,000 SERVICES INDUSTRY HAS SPENT OVER 1539 01:49:24,001 --> 01:49:26,000 \$5 BILLION ON CAMPAIGN 1540 01:49:26,001 --> 01:49:28,000 CONTRIBUTIONS AND LOBBYING 1541 01:49:28,001 --> 01:49:31,000 ACTIVITIES OVER THE PAST TEN 1542 01:49:31,001 --> 01:49:33,000 YEARS IN SUPPORT OF DEREGULATION 1543 01:49:33,001 --> 01:49:35,000 AND THEY'RE SPENDING EVEN MORE 1544 01:49:35,001 --> 01:49:36,000 MONEY TODAY TRYING TO PREVENT 1545 01:49:36,001 --> 01:49:37,000 CONGRESS FROM SERIOUSLY 1546 01:49:37,001 --> 01:49:40,000 REGULATING THEIR INDUSTRY. 1547 01:49:40,001 --> 01:49:43,000 THEY ARE A VERY, VERYOWERFUL 1548 01:49:43,001 --> 01:49:44,000 FORCE HERE IN WASHINGTON AND IN 1549 01:49:44,001 --> 01:49:46,000 MANY WAYS ALL OF THAT MONEY HAS 1550 01:49:46,001 --> 01:49:48,000 GOT US TO WHERE WE ARE TODAY 1551 01:49:48,001 --> 01:49:51,000 WITH THE COLLAPSE OF MAJOR 1552 01:49:51,001 --> 01:49:57,000 BANKING INSTITUTIONS. 1553 01:49:57,001 --> 01:49:58,000 MADAM PRESIDENT, LET ME CONCLUDE 1554 01:49:58,001 --> 01:49:59,000 BY SAYING. 1555 01:49:59,001 --> 01:50:02,000 THIS ON APRIL 24, A FEW WEEKS 1556 01:50:02,001 --> 01:50:05,000 AGO, I SENT AN E-MAIL TO MY 1557 01:50:05,001 --> 01:50:06,000 SENATE MAILING LIST AND I SIMPLY 1558 01:50:06,001 --> 01:50:07,000 SAID, TELL ME HOW CREDIT CARD 1559 01:50:07,001 --> 01:50:08,000 COMPANIES ARE TREATING YOU. 1560 01:50:08,001 --> 01:50:10,000 AND WE DON'T -- WE DIDN'T KNOW 1561 01:50:10,001 --> 01:50:13,000 WHAT KIND OF RESPONSE WE WOULD GET. 1562 01:50:13,001 --> 01:50:17,000 BUT THREE DAYS LATER, I HAD 1563 01:50:17,001 --> 01:50:18,000 ALMOST 1,000 RESPONSES, MANY 1564 01:50:18,001 --> 01:50:20,000 FROM, OBVIOUSLY, THE STATE OF 1565 01:50:20,001 --> 01:50:21,000 VERMONT BUT FROM PEOPL 1566 01:50:21,001 --> 01:50:23,000 THIS COUNTRY. 1567 01:50:23,001 --> 01:50:24,000 AND I PUT OUT 1568 01:50:24,001 --> 01:50:26,000 THESE RES 1569 01:50:26,001 --> 01:50:27,000 INTO A BOOKLET. 1570 01:50:27,001 --> 01:50:29,000 BUT LET ME JUST CONCLUDE BY 1571 01:50:29,001 --> 01:50:31,000 READING A 1572 01:50:31,001 --> 01:50:32,000 THAT I RECEIVED. 1573 01:50:32,001 --> 01:50:34,000 DONNA FROM NEPTUNE, NEW JERSEY, 1574 01:50:34,001 --> 01:50:36,000 WRITES -- AND I QUOTE -- "I WANT 1575 01:50:36,001 --> 01:50:38,000 TO KNOW WHY CONSUMERS ARE NOT 1576 01:50:38,001 --> 01:50:39,000 PROTECTED IN ANY WAY FROM THESE 1577 01:50:39,001 --> 01:50:41,000 PREDATORY LENDERS WHO ARE BAILED 1578 01:50:41,001 --> 01:50:43,000 OUT WITH MY TAXPAYER DOLLARS AND 1579 01:50:43,001 --> 01:50:47,000 THEN TURN AROUND AND RAISE MY 1580 01:50:47,001 --> 01:50:49,000 INTEREST RATE FROM 7%O 27% 1581 01:50:49,001 --> 01:50:52,000 BECAUSE OF 'DIFFICULT ECONOMIC 1582 01:50:52,001 --> 01:50:53,000 TIMES FOR THE CREDIT INDUSTRY.' 1583 01:50:53,001 --> 01:50:55,000 TH 1584 01:50:55,001 --> 01:50:57,000 I HAVE NOT MISSED A PAYMENT AND 1585 01:50:57,001 --> 01:50:59,000 MY CREDIT RATING IS IN THE HIGH 800'S. 1586 01:50:59,001 --> 01:51:01,000 HOW CAN THEY KEEP GETTING AWAY 1587 01:51:01,001 --> 01:51:04,000 WITH THIS?" 1588 01:51:04,001 --> 01:51:05,000 AND STEVEN FROM ST. JOHN'S, 1589 01:51:05,001 --> 01:51:07,000 VERMONT, RIGHTS -- QUOTE -- "A 1590 01:51:07,001 --> 01:51:08,000 COUPLE OF WEEKS AGO, BANK OF 1591 01:51:08,001 --> 01:51:10,000 AMERICA SENT US A LETTER SAYING 1592 01:51:10,001 --> 01:51:12,000 THEY WERE GOING TO RAISE OUR 1593 01:51:12,001 --> 01:51:13,000 INTEREST RATE FROM 7.3% TO 24%. 1594 01:51:13,001 --> 01:51:15,000 THE LETTER STATED WE COULD GET 1595 01:51:15,001 --> 01:51:16,000 OUR CREDIT RECORD TO -- REPORT 1596 01:51:16,001 --> 01:51:17,000 TO FIND OUT WHY. WE RECEIVED OUR CREDIT REPORT 1597 01:51:17,001 --> 01:51:19,000 AND I STILL HAVE NO REASON WHY 1598 01:51:19,001 --> 01:51:21,000 THEY WANTED TO RAISE OUR RATE. 1599 01:51:21,001 --> 01:51:23,000 WE DID OPT OUT, KEPT THE 7.3% 1600 01:51:23,001 --> 01:51:24,000 AND WE DESTROYED OUR CARD BUT WE 1601 01:51:24,001 --> 01:51:27,000 DO NOT KNOW WHAT WAS WRONG WITH 1602 01:51:27,001 --> 01:51:29,000 OUR CREDIT 1603 01:51:29,001 --> 01:51:31,000 ON AND ON IT GOES. 1604 01:51:31,001 --> 01:51:34,000 ARBITRARY ACTIONS ON THE PART OF CREDIT CARD COMPANIES RAISING 1605 01:51:34,001 --> 01:51:37,000 RATES TO OUTRAGEOUS LEVELS. 1606 01:51:37,001 --> 01:51:38,000 MADAM PRESIDENT, THERE IS A LOT 1607 01:51:38,001 --> 01:51:40,000 OF FRUSTRATION ON THE 1608 01:51:40,001 --> 01:51:42,000 THE AMERICAN PEOPLE AS TO WHAT 1609 01:51:42,001 --> 01:51:44,000 HAS 1610 01:51:44,001 --> 01:51:48,000 IN FACT, WHAT'S GOING ON HERE IN CONGRESS. 1611 01:51:48,001 --> 01:51:49,000 THE AMERICAN PEOPLE WANT TO KNOW 1612 01:51:49,001 --> 01:51:50,000 THAT WE ARE FULFILLING OUR 1613 01:51:50,001 --> 01:51:52,000 CONSTITUTIONAL RESPONSIBILITIES 1614 01:51:52,001 --> 01:51:54,000 TO REPRESENT THE NEEDS OF 1615 01:51:54,001 --> 01:51:56,000 ORDINARY PEOPLE AND NOT JUST 1616 01:51:56,001 --> 01:51:58,000 MAJOR FINANCIAL INSTITUTIONS WHO 1617 01:51:58,001 --> 01:52:00,000 MAY MAKE A LOT OF CAMPAIGN 1618 01:52:00,001 --> 01:52:03,000 CONTRIBUTIONS AND HAVE THE 1619 01:52:03,001 --> 01:52:04,000 LOBBYISTS OUT LINING THE HALLS OF THE CONGRESS. 1620 01:52:04,001 --> 01:52:06,000 THE TIME IS NOW TO SAY THERE 1621 01:52:06,001 --> 01:52:07,000 MUST BE A LIMIT ON CREDIT CARD 1622 01:52:07,001 --> 01:52:09,000 RATES. 1623 01:52:09,001 --> 01:52:11,000 THE TIME IS NOW TO PASS A 1624 01:52:11,001 --> 01:52:12,000 NATIONAL 1625 01:52:12,001 --> 01:52:14,000 VERY MUCH WE WILL HAVE THE 1626 01:52:14,001 --> 01:52:15,000 SUPPORT OF OUR COLLEAGUES IN 1627 01:52:15,001 --> 01:52:16,000 GOING FORWARD ON THIS 1628 01:52:16,001 --> 01:52:18,000 LEGISLATION. MADAM PRESIDENT, THANK YOU VERY 1629 01:52:18,001 --> 01:52:40,000 MUCH, AND I WOU 1630 01:52:40,001 --> 01:52:41,000 FLOOR. 1631 01:52:41,001 --> 01:52:42,000 MRS. GILLIBRAND: MADAM PRESIDENT? 1632 01:52:42,001 --> 01:52:44,000 THE PRESIDING OFFICER: THE 1633 01:52:44,001 --> 01:52:45,000 SENATOR FROM NEW YORK. 1634 01:52:45,001 --> 01:52:47,000 MRS.v ILLIBRAND: I ASK UNANIMOUS CONSENT THAT THE PENDING 1635 01:52:47,001 --> 01:52:50,000 AMENDMENTS BE SET ASIDE SO THAT 1636 01:52:50,001 --> 01:52:51,000 I MAY CALL UP AMENDMENT NUMBER 1637 01:52:51,001 --> 01:52:52,000 1084. 1638 01:52:52,001 --> 01:52:53,000 THE PRESIDING OFFICER: WITHOUT 1639 01:52:53,001 --> 01:52:57,000 OBJECTION, SO ORDERED. 1640 01:52:57,001 --> 01:52:59,000 THE CLERK WILL REPORT. 1641 01:52:59,001 --> 01:53:00,000 THE CLERK WILL REPORT. 1642 01:53:00,001 --> 01:53:01,000 THE CLERK: THE SENATOR FROM NEW 1643 01:53:01,001 --> 01:53:05,000 YORK, MRS. GILLIBRAND, PROPOSES 1644 01:53:05,001 --> 01:53:09,000 AN AMENDMENT NUMBERED 1084. 1645 01:53:09,001 --> 01:53:10,000 TO AMENDMENT NUMBERED 1058. 1646 01:53:10,001 --> 01:53:11,000 THE PRESIDING OFFICER: THE 1647 01:53:11,001 --> 01:53:12,000 SENATOR FROM NEW YORK. 1648 01:53:12,001 --> 01:53:14,000 MRS. GILLIBRAND: MADAM PRESIDENT, MY AMENDMENT IS 1649 01:53:14,001 --> 01:53:16,000 VERY SIMPLE. 1650 01:53:16,001 --> 01:53:19,000 IT 1651 01:53:19,001 --> 01:53:21,000 FAIR 1652 01:53:21,001 --> 01:53:23,000 REQUIRE RATING AGENCIES TO MAKE 1653 01:53:23,001 --> 01:53:25,000 AVAILABLE CREDIT REPORTS IN 1654 01:53:25,001 --> 01:53:27,000 OTHER LANGUAGES OTHER THAN ENGLISH. 1655 01:53:27,001 --> 01:53:29,000 THIS IS VERY IMPORTANT BECAUSE 1656 01:53:29,001 --> 01:53:30,000 WEAVE 22 MILLION AMERICANS 1657 01:53:30,001 --> 01:53:33,000 THAT HAVE LIMITED ENGLISH 1658 01:53:33,001 --> 01:53:34,000 PROFICIENCY, AND SO THIS BASIC 1659 01:53:34,001 --> 01:53:35,000 REQUIREMENT WILL JUST MAKE SURE 1660 01:53:35,001 --> 01:53:39,000 THAT THESE TRANSLATIONS ARE MADE 1661 01:53:39,001 --> 01:53:40,000 AVAILABLE SO THAT FOLKS HAVE THE 1662 01:53:40,001 --> 01:53:42,000 OPPORTUNITY TO UNDERSTAND WHAT 1663 01:53:42,001 --> 01:53:44,000 THEIR CREDIT REPORT IS. 1664 01:53:44,001 --> 01:53:45,000 AND WHEN WE HAVE SUCH A SERIOUS 1665 01:53:45,001 --> 01:53:48,000 ECONOMIC DOWNTURN AS WE HAVE 1666 01:53:48,001 --> 01:53:49,000 TODAY, WHERE WE HAVE 3.5 1667 01:53:49,001 --> 01:53:51,000 OF JOBS LOST, MORE THAN HALF IN 1668 01:53:51,001 --> 01:53:52,000 THE LAST FEW MONTHS ALONE, WE 1669 01:53:52,001 --> 01:53:53,000 NEED TO DO EVERYTHING WE CAN DO 1670 01:53:53,001 --> 01:53:56,000 TO GET OUR FAMILIES BACK ON 1671 01:53:56,001 --> 01:53:57,000 THEIR FEET TO MAKE SURE THEY 1672 01:53:57,001 --> 01:53:58,000 HAVE -- THEIR FEET, TO MAKE SURE 1673 01:53:58,001 --> 01:54:00,000 THEY HAVE GOOD JOBS AND MAKE 1674 01:54:00,001 --> 01:54:01,000 SURE THEY CAN PROVIDE FOR THEIR FAMILIES. 1675 01:54:01,001 --> 01:54:02,000 AND BEING ABLE TO UNDERSTAND 1676 01:54:02,001 --> 01:54:03,000 YOUR CREDIT RATING IS VERY MUCH 1677 01:54:03,001 --> 01:54:04,000 PART OF THAT PROCESS. 1678 01:54:04,001 --> 01:54:07,000 SO THIS VERY SIMPLE AMENDMENT 1679 01:54:07,001 --> 01:54:08,000 WILL MAKE SURE THAT THOSE 1680 01:54:08,001 --> 01:54:11,000 22 MILLION AMERICANS HAVE ACCESS 1681 01:54:11,001 --> 01:54:12,000 TO THEIR CREDIT REPORT IN A FORM 1682 01:54:12,001 --> 01:54:22,000 THAT THEY CAN FULLY UNDERSTAND. 1683 01:54:22,001 --> 01:54:23,000 THANK YOU, MAD 1684 01:54:23,001 --> 01:54:24,000 MR. WYDEN: MADAM PRESIDENT? 1685 01:54:24,001 --> 01:54:26,000 THE PRESIDING OFFICE 1686 01:54:26,001 --> 01:54:27,000 SENATOR FROM OREGON. 1687 01:54:27,001 --> 01:54:32,000 MR. WYDEN: MADAM PRESIDENT, IN 1688 01:54:32,001 --> 01:54:33,000 THE LAST CONGRESS, THERE WAS A 1689 01:54:33,001 --> 01:54:36,000 WYDEN-OBAMA AMENDMENT TO 1690 01:54:36,001 --> 01:54:39,000 PROTECT THE 1691 01:54:39,001 --> 01:54:42,000 HAVE CREDIT CARDS IN OUR COUNTRY COUNTRY. 1692 01:54:42,001 --> 01:54:44,000 MY ORIGINAL COSPONSOR HAS 1693 01:54:44,001 --> 01:54:45,000 OBVIOUSLY MOVED ON, DOING 1694 01:54:45,001 --> 01:54:48,000 IMPORTANT WORK FOR OUR COUNTRY 1695 01:54:48,001 --> 01:54:50,000 AT 1600 PENNSYLVANIA, WHERE HE 1696 01:54:50,001 --> 01:54:52,000 CONTINUES TO ADVOCATE FOR THE 1697 01:54:52,001 --> 01:54:57,000 RIGHTS OF CONSUMERS. 1698 01:54:57,001 --> 01:54:58,000 BUT I AM VERY HOPEFUL -- AND 1699 01:54:58,001 --> 01:55:00,000 DISCUSSIONS ARE NOW TAKING PLACE 1700 01:55:00,001 --> 01:55:02,000 WITH CHAIRMAN DODD AND 1701 01:55:02,001 --> 01:55:04,000 MINORITY MEMBER SHELBY THAT IT 1702 01:55:04,001 --> 01:55:05,000 WILL BE POSSIBLE TO GET A 1703 01:55:05,001 --> 01:55:09,000 BIPARTISAN AGREEMENT HERE IN THE 1704 01:55:09,001 --> 01:55:10,000 NEXT DAY OR SO TO ADVANCE THE 1705 01:55:10,001 --> 01:55:12,000 LEGISLATION THAT I AND 1706 01:55:12,001 --> 01:55:14,000 THEN-SENATOR OBAMA ORIGINALLY 1707 01:55:14,001 --> 01:55:17,000 PROPOSED IN THE LAST CONGRESS. 1708 01:55:17,001 --> 01:55:19,000 AND I'M VERY PLE 1709 01:55:19,001 --> 01:55:21,000 ORIGINAL COSPONSOR THIS SESSION 1710 01:55:21,001 --> 01:55:22,000 WILL BE MY NEW COLLEAGUE 1711 01:55:22,001 --> 01:55:24,000 OREGON, SENATOR JEFF MERKLEY, 1712 01:55:24,001 --> 01:55:26,000 WHO HAS A LONG RECORD OF 1713 01:55:26,001 --> 01:55:29,000 ADVOCATING FOR THE RIGHTS OF 1714 01:55:29,001 --> 01:55:31,000 CONSUMERS AS WELL. 1715 01:55:31,001 --> 01:55:33,000 MADAM PRESIDENT, WHAT SENATOR 1716 01:55:33,001 --> 01:55:36,000 OBAMA AND I ORIGINALLY PROPOSED 1717 01:55:36,001 --> 01:55:38,000 IN THE LAST CONGRESS WOULD 1718 01:55:38,001 --> 01:55:40,000 DIRECT THE FEDERAL RESERVE TO 1719 01:55:40,001 --> 01:55:42,000 ESTABLISH A SAFETY RATING SYSTEM 1720 01:55:42,001 --> 01:55:44,000 FOR CREDIT CARDS. 1721 01:55:44,001 --> 01:55:47,000 WHAT THEN-SENATOR OBAMA AND I 1722 01:55:47,001 --> 01:55:53,000 SAW TO DO WAS TO MAKE SURE THAT 1723 01:55:53,001 --> 01:55:55,000 CARDS WITH TERMS THAT ARE 1724 01:55:55,001 --> 01:55:59,000 UP AND CARDS WITH THESE TRICKY 1725 01:55:59,001 --> 01:56:02,000 TERMS, THE TERMS THAT ARE LARDED 1726 01:56:02,001 --> 01:56:05,000 WITH 1727 01:56:05,001 --> 01:56:07,000 AND WAIVERS -- THE LEGAL MUMBO 1728 01:56:07,001 --> 01:56:10,000 JUMBO THAT IS SO DECEPTIVE IN 1729 01:56:10,001 --> 01:56:12,000 THE MARKETPLACE -- THOSE CARDS 1730 01:56:12,001 --> 01:56:14,000 WOULD BE RATED DOWN. 1731 01:56:14,001 --> 01:56:16,000 UNDER OUR LEGISLATION 1732 01:56:16,001 --> 01:56:18,000 CARDS WITH FIVE STARS WOULD BE 1733 01:56:18,001 --> 01:56:20,000 DEEMED THE SAFEST; THOSE WITH 1734 01:56:20,001 --> 01:56:22,000 ONE STAR WOULD BE CONSIDERED THE 1735 01:56:22,001 --> 01:56:25,000 LEAST SAFE. 1736 01:56:25,001 --> 01:56:26,000 FOR EXAMPLE, CREDIT CARD 1737 01:56:26,001 --> 01:56:30,000 AGREEMENTS THAT STATE THAT TERMS 1738 01:56:30,001 --> 01:56:31,000 CAN BE CHANGED AT ANY TIME 1739 01:56:31,001 --> 01:56:33,000 ANY REASON, WOULD AUTOMATICALLY 1740 01:56:33,001 --> 01:56:36,000 GET A ONE-STAR RATING BECAUSE 1741 01:56:36,001 --> 01:56:38,000 THAT CLEARLY IS THE KIND OF 1742 01:56:38,001 --> 01:56:41,000 CONSUMER 1743 01:56:41,001 --> 01:56:42,000 CAUSED GREAT DIFFICULTY FOR 1744 01:56:42,001 --> 01:56:43,000 AMERICAN CONSUMERS AND IS JUST 1745 01:56:43,001 --> 01:56:46,000 PLAIN WRONG. 1746 01:56:46,001 --> 01:56:48,000 I SEE 1747 01:56:48,001 --> 01:56:52,000 MUCH LIKE THE FIVE-STAR CRASH 1748 01:56:52,001 --> 01:56:53,000 RATING CARS. 1749 01:56:53,001 --> 01:56:56,000 AND, MADAM PRESIDENT, THAT 1750 01:56:56,001 --> 01:56:57,000 SYSTEM HAS WORKED. 1751 01:56:57,001 --> 01:56:59,000 AMERICANS HAVE BECOME BETTER 1752 01:56:59,001 --> 01:57:02,000 EDUCATED ABOUT HOW THEIR CAR 1753 01:57:02,001 --> 01:57:03,000 WILL PROTECT THEM IN A CRASH AND 1754 01:57:03,001 --> 01:57:06,000 THE RATINGS SYSTE HAS HELPED 1755 01:57:06,001 --> 01:57:09,000 INCENTIVIZE THE INDUSTRY AS FAR 1756 01:57:09,001 --> 01:57:12,000 AS BASIC SAFETY MEASURES. 1757 01:57:12,001 --> 01:57:14,000 NOW, WHEN THAT RATING SYSTEM 1758 01:57:14,001 --> 01:57:15,000 FIRST CAME OUT, A LOT OF THE 1759 01:57:15,001 --> 01:57:19,000 CARS ONLY RECEIVED ONE OR TWO 1760 01:57:19,001 --> 01:57:21,000 STARS, BUT THEN THE BASIC 1761 01:57:21,001 --> 01:57:24,000 PRINCIPLES OF COMPETITION AND 1762 01:57:24,001 --> 01:57:27,000 FREE ENTERPRISE KICKED IN AND 1763 01:57:27,001 --> 01:57:29,000 NOW YOU'VE GOT MANY OF THOSE 1764 01:57:29,001 --> 01:57:30,000 CARS RECEIVING FOUR 1765 01:57:30,001 --> 01:57:33,000 STARS. 1766 01:57:33,001 --> 01:57:35,000 I AM VERY CONFIDENT THAT WHAT 1767 01:57:35,001 --> 01:57:37,000 THEN-SENATOR OBAMA AND I SOUGHT 1768 01:57:37,001 --> 01:57:38,000 TO DO TWO YEARS AGO WILL 1769 01:57:38,001 --> 01:57:41,000 ACCOMPLISH EXACTLY THE SAME 1770 01:57:41,001 --> 01:57:43,000 THING WITH CREDIT CARDS. 1771 01:57:43,001 --> 01:57:44,000 SIMILARLY, THE SAFETY STAR 1772 01:57:44,001 --> 01:57:45,000 RATING WILL INCREASE COMPETION 1773 01:57:45,001 --> 01:57:47,000 BETWEEN CREDIT CARD COMPANIES 1774 01:57:47,001 --> 01:57:48,000 OVER THE FAIRNESS OF THE TMS 1775 01:57:48,001 --> 01:57:50,000 AND THEIR CONTRACTS WHICH WILL 1776 01:57:50,001 --> 01:57:53,000 CREATE AN INCENTIVE FOR THEM TO 1777 01:57:53,001 --> 01:57:55,000 USE FAIRER TERMS FOR MORE CREDIT CARDS. 1778 01:57:55,001 --> 01:57:56,000 CREDIT CARD COMPANI 1779 01:57:56,001 --> 01:57:58,000 TO DISPLAY THE RATINGS ON ALL 1780 01:57:58,001 --> 01:58:00,000 THEIR MARKETING MATERIALS, 1781 01:58:00,001 --> 01:58:01,000 BILLING STATEMENTS, AGREEMENT 1782 01:58:01,001 --> 01:58:03,000 MATERIALS AND ON THE BACK OF THE 1783 01:58:03,001 --> 01:58:04,000 CARD ITSELF. 1784 01:58:04,001 --> 01:58:06,000 CONSUMERS WOULD BE ABLE TO SEE 1785 01:58:06,001 --> 01:58:08,000 THE RATINGS FOR THEIR CARD AND 1786 01:58:08,001 --> 01:58:11,000 HOW THEIR CARD GOT THAT RATING 1787 01:58:11,001 --> 01:58:13,000 ON A STAND-ALONE WEB SITE THAT 1788 01:58:13,001 --> 01:58:14,000 WAS OPERATED AND CREATED BY THE 1789 01:58:14,001 --> 01:58:15,000 FEDERAL RESERVE. 1790 01:58:15,001 --> 01:58:17,000 THE FEDERAL RESERVE WOULD BE 1791 01:58:17,001 --> 01:58:19,000 RESPONSIBLE FOR UPDATING THE 1792 01:58:19,001 --> 01:58:20,000 STAR SYSTEM AND MAKING SURE THAT 1793 01:58:20,001 --> 01:58:23,000 IF NEW TERMS OR PRACTICES COME 1794 01:58:23,001 --> 01:58:25,000 TO MARKET, THOSE TERMS OR 1795 01:58:25,001 --> 01:58:26,000 PRACTICES WOULD B 1796 01:58:26,001 --> 01:58:28,000 APPROPRIATE RATING. 1797 01:58:28,001 --> 01:58:32,000 CARD ISSUERS CURRENTLY COMPETE 1798 01:58:32,001 --> 01:58:33,000 ON THEIR ABILITY TO ADVERTISE, 1799 01:58:33,001 --> 01:58:34,000 MOSTLY ADVERTISING THEIR 1800 01:58:34,001 --> 01:58:36,000 INTEREST RATES AND ANNUAL FEES 1801 01:58:36,001 --> 01:58:38,000 BUT NOT ON THE FAIRNESSF THEIR 1802 01:58:38,001 --> 01:58:40,000 CREDIT CARD CONTRACTS. 1803 01:58:40,001 --> 01:58:41,000 CARD ISSUERS ADVERTISE THEIR 1804 01:58:41,001 --> 01:58:44,000 GREAT INTEREST RATES AND THEIR 1805 01:58:44,001 --> 01:58:45,000 GREAT 1806 01:58:45,001 --> 01:58:48,000 TELL THE CONSUMER THAT THEIR 1807 01:58:48,001 --> 01:58:50,000 CARD WILL COST LESS TO USE. 1808 01:58:50,001 --> 01:58:53,000 BUT TOO OFTEN, T 1809 01:58:53,001 --> 01:58:54,000 INFORMATION IS BURIED, THE 1810 01:58:54,001 --> 01:58:56,000 INFORMATION ABOUT EARLY 1811 01:58:56,001 --> 01:58:58,000 DEADLINES AND ARBITRARY RULES, 1812 01:58:58,001 --> 01:59:00,000 AND WHAT HAPPENS IS THESE CARDS 1813 01:59:00,001 --> 01:59:03,000 END UP COSTING MILLIONS OF 1814 01:59:03,001 --> 01:59:04,000 CONSUMERS MORE 1815 01:59:04,001 --> 01:59:07,000 I BELIEVE, AND SENATOR MERKLEY 1816 01:59:07,001 --> 01:59:08,000 AND I CONTINUE TO ADVOCATE THIS 1817 01:59:08,001 --> 01:59:12,000 CAUSE, A CAUSE THAT BEGAN IN THE 1818 01:59:12,001 --> 01:59:13,000 LAST CONGRESS THAT WE BELIEVE 1819 01:59:13,001 --> 01:59:16,000 THAT CONSUMERS DESERVE TO HAVE 1820 01:59:16,001 --> 01:59:17,000 THE TOOLS THAT ARE NEEDED TO 1821 01:59:17,001 --> 01:59:18,000 MAKE INFORMED CHOICES ABOUT WHAT 1822 01:59:18,001 --> 01:59:20,000 THEY BUY. 1823 01:59:20,001 --> 01:59:22,000 AND THAT, OF COURSE, IS WHAT THE 1824 01:59:22,001 --> 01:59:24,000 MARKETPLACE IS ALL ABOUT, IS 1825 01:59:24,001 --> 01:59:26,000 GETTG INFORMATION TO CONSUMERS 1826 01:59:26,001 --> 01:59:28,000 SO THEY CAN MAKE THE CHOICES 1827 01:59:28,001 --> 01:59:30,000 THAT MAKE SENSE FOR THEM. 1828 01:59:30,001 --> 01:59:32,000 AND WE BELIEVE THAT OUR 1829 01:59:32,001 --> 01:59:34,000 LEGISLATN EMPOWERS CONSUMERS 1830 01:59:34,001 --> 01:59:36,000 TO BETTER MAKE THE MARKETPLACE 1831 01:59:36,001 --> 01:59:40,000 WORK 1832 01:59:40,001 --> 01:59:41,000 OUR ECONOMY. 1833 01:59:41,001 --> 01:59:42,000 I WANT TO CLOSE, 1834 01:59:42,001 --> 01:59:44,000 MADAM PRESIDENT, BY SAYING THAT 1835 01:59:44,001 --> 01:59:47,000 I HAVE ALWAYS FELT THAT IN A 1836 01:59:47,001 --> 01:59:52,000 FREE SOCIETY 1837 01:59:52,001 --> 01:59:53,000 RIGHT TO MAKE DECISIONS THAT, BY 1838 01:59:53,001 --> 01:59:56,000 PERHAPS SOMEBODY ELSE'S 1839 01:59:56,001 --> 01:59:57,000 ASSESSMENT, WOULD BE WASTEFUL OR 1840 01:59:57,001 --> 01:59:58,000 ILL-ADVISED. 1841 01:59:58,001 --> 02:00:00,000 IN EFFECT, WE HAVE IN OUR 1842 02:00:00,001 --> 02:00:03,000 COUNTRY A CONSTITUTIONAL RIGHT 1843 02:00:03,001 --> 02:00:04,000 TO BE PRETTY FOOLISH 1844 02:00:04,001 --> 02:00:06,000 MONEY. 1845 02:00:06,001 --> 02:00:08,000 THE PROBLEM WITH CREDIT CARDS IS 1846 02:00:08,001 --> 02:00:10,000 THAT TOO OFTEN THE MARKETPLACE 1847 02:00:10,001 --> 02:00:12,000 FAILS THE MILLIONS AND MILLIONS 1848 02:00:12,001 --> 02:00:14,000 OF AMERICANS WHO WANT TO MANAGE 1849 02:00:14,001 --> 02:00:16,000 THEIR MONEY RESPONSIBLY. 1850 02:00:16,001 --> 02:00:19,000 TOO OFTEN, THE MAJOR PROVISIONS 1851 02:00:19,001 --> 02:00:21,000 OF THESE CREDIT CARD, YOU KNOW, 1852 02:00:21,001 --> 02:00:23,000 AGREEMENTS REQUIRE THAT YOU HAVE 1853 02:00:23,001 --> 02:00:25,000 AN ADVANCED LEGAL DEGREE -- NOT 1854 02:00:25,001 --> 02:00:27,000 JUST A BASIC LAW DEGREE, BUT A 1855 02:00:27,001 --> 02:00:28,000 ADVANCED LEGAL DEGREE -- IN 1856 02:00:28,001 --> 02:00:30,000 ORDER TO SORT OUT THE TERMS. 1857 02:00:30,001 --> 02:00:33,000 AND I JUST DON'T THINK IT'S 1858 02:00:33,001 --> 02:00:35,000 RIGHT TO SAY THAT YOU OUGHT TO, 1859 02:00:35,001 --> 02:00:37,000 IN EFFECT, BE SOMEBODY WHO 1860 02:00:37,001 --> 02:00:40,000 SPENDS THEIR FREE TIME READING 1861 02:00:40,001 --> 02:00:42,000 THE UNIFORM COMMERCIAL CODE IN 1862 02:00:42,001 --> 02:00:44,000 ORDER TO MAKE SENSE OUT OF THESE 1863 02:00:44,001 --> 02:00:46,000 TERMS AND THESE CREDIT CD 1864 02:00:46,001 --> 02:00:48,000 AGREEMENTS. 1865 02:00:48,001 --> 02:00:50,000 SO I'M VERY HOPEFUL THAT NOW 1866 02:00:50,001 --> 02:00:53,000 WITH MILLIONS OF OUR PEOPLE 1867 02:00:53,001 --> 02:00:56,000 WALKING ON AN ECONO 1868 02:00:56,001 --> 02:00:59,000 IT WILL BE POSSIBLE TO USE 1869 02:00:59,001 --> 02:01:01,000 CLASSIC FREE MARKET PRINCIPLES. 1870 02:01:01,001 --> 02:01:04,000 THIS ISN'T HEAVY-HANDED REGULATION. 1871 02:01:04,001 --> 02:01:05,000 THIS ISN'T RUN-FROM-WASHINGTON 1872 02:01:05,001 --> 02:01:07,000 MICROMANAGEMENT THAT'S GOING TO 1873 02:01:07,001 --> 02:01:09,000 JACK UP SOMEBODY'S CREDIT CARD RATES. 1874 02:01:09,001 --> 02:01:11,000 THIS IS ABOUT DISCLOSURE. 1875 02:01:11,001 --> 02:01:13,000 THIS IS ABOUT MAKING SURE THAT 1876 02:01:13,001 --> 02:01:15,000 PEOPLE IN THIS MARKETPLACE 1877 02:01:15,001 --> 02:01:17,000 UNDERSTAND WHAT IS IN FRONT OF 1878 02:01:17,001 --> 02:01:20,000 THEM AND THAT THEY ARE IN A 1879 02:01:20,001 --> 02:01:21,000 BETTER POSITION WITH OBJECTIVE 1880 02:01:21,001 --> 02:01:25,000 INFORMATION -- IN THIS CASE, 1881 02:01:25,001 --> 02:01:26,000 SUPPLIED BY THE FEDERAL RESERV 1882 02:01:26,001 --> 02:01:28,000 RESERVE -- OR OVERSEEN IN A 1883 02:01:28,001 --> 02:01:29,000 SYSTEM OPERATED BY THE FEDERAL 1884 02:01:29,001 --> 02:01:30,000 RESERVE -- CONSUMERS WOULD BE 1885 02:01:30,001 --> 02:01:33,000 ABLE TO MAKE BETTER CHOICES 1886 02:01:33,001 --> 02:01:36,000 WHILE FORCING THE CREDIT CARD 1887 02:01:36,001 --> 02:01:40,000 COMPANIES TO COMPETE ON 1888 02:01:40,001 --> 02:01:43,000 BEST CRAFT THESE TECHNICAL, 1889 02:01:43,001 --> 02:01:48,000 LEGALISTIC TERMS, THIS LEGAL 1890 02:01:48,001 --> 02:01:49,000 MUMBO JUMBO BUT, INS 1891 02:01:49,001 --> 02:01:52,000 THEIR CREDIT CARD CHOICES AND 1892 02:01:52,001 --> 02:01:54,000 WHO ADDRESSES THE RIGHTS OF 1893 02:01:54,001 --> 02:01:55,000 CONSUMERS WITH RESPONSIBLE 1894 02:01:55,001 --> 02:02:00,000 PRACTICES THAT ARE WELL 1895 02:02:00,001 --> 02:02:01,000 RESPECTED AND OBSERVED BY THOSE. 1896 02:02:01,001 --> 02:02:02,000 AND I BELIEVE THE MAJORITY WHO 1897 02:02:02,001 --> 02:02:03,000 WANT TO DO RIGHT BY THE 1898 02:02:03,001 --> 02:02:05,000 CONSUMERS OF OUR COUNTRY. 1899 02:02:05,001 --> 02:02:07,000 MADAM PRESIDENT, I WILL CONTINUE 1900 02:02:07,001 --> 02:02:09,000 TO TALK WITH CHAIRMAN DODD AND 1901 02:02:09,001 --> 02:02:10,000 THE RANKING MINORITY MEMBER, 1902 02:02:10,001 --> 02:02:15,000 SENATOR SHELBY. 1903 02:02:15,001 --> 02:02:16,000 THEY ARE FAMILIAR WITH WHAT 1904 02:02:16,001 --> 02:02:19,000 THEN-SENATOR OBAMA AND I SOUGHT 1905 02:02:19,001 --> 02:02:21,000 TO DO IN THE LAST CON FLOOR. 1906 02:02:21,001 --> 02:02:25,000 IT IS HIGH TIME THAT THE RIGHTS 1907 02:02:25,001 --> 02:02:27,000 OF CREDIT CARD 1908 02:02:27,001 --> 02:02:29,000 IT WAS ADDRESSED AND THAT THESE 1909 02:02:29,001 --> 02:02:30,000 CREDIT CARD CONSUMERS GOT A FAIR SHAKE. 1910 02:02:30,001 --> 02:02:31,000 I THINK I'VE GOT THE BEST 1911 02:02:31,001 --> 02:02:33,000 POSSIBLE PARTNER, SOMEBODY WHO'S 1912 02:02:33,001 --> 02:02:34,000 BEEN A 1913 02:02:34,001 --> 02:02:35,000 CONSUMER RIGHTS IN SENATOR 1914 02:02:35,001 --> 02:02:38,000 MERKLEY, AND WE ARE VERY HOPUL 1915 02:02:38,001 --> 02:02:39,000 THAT IN THE NEXT DAY OR SO, WE 1916 02:02:39,001 --> 02:02:40,000 WILL BE ABLE TO FORGE AN 1917 02:02:40,001 --> 02:02:43,000 AGREEMENT WITH THE CHAIRMAN AND 1918 02:02:43,001 --> 02:02:44,000 THE RANKING MINORITY MEMBER. 1919 02:02:44,001 --> 02:02:45,000 AND WITH THAT, 1920 02:02:45,001 --> 02:02:46,000 I WOULD YIELD THE FLOOR. 1921 02:02:46,001 --> 02:02:48,000 AND I WOULD ALSO NOTE, 1922 02:02:48,001 --> 02:02:49,000 MADAM PRESIDENT, THE A QRUM. 1923 02:02:49,001 --> 02:02:56,000 THE PRESIDING OFFICER: THE CLERK 1924 02:02:56,001 --> 02:03:28,000 WILL CALL THE R 1925 02:03:28,001 --> 02:19:19,000 QUORUM CALL: 1926 02:19:19,001 --> 02:32:16,000 QUORUM CAL 1927 02:32:16,001 --> 02:32:17,000 QUORUM CALL: 1928 02:32:17,001 --> 02:32:18,000 ROE V. WADE REID MR. PRESIDENT? 1929 02:32:18,001 --> 02:32:19,000 THE PRESIDING OFFICER: THE MAJORITY LEADER. 1930 02:32:19,001 --> 02:32:21,000 MR. REID: ASK UNANIMOUS CONSENT THAT THE SENATE PROCEED 1931 02:32:21,001 --> 02:32:22,000 -- SPHIRKS'S FIR 1932 02:32:22,001 --> 02:32:23,000 RID OF OUR QUORUM 1933 02:32:23,001 --> 02:32:24,000 THE PRESIDING OFFICER: WITHOUT 1934 02:32:24,001 --> 02:32:25,000 OBJECTION, SO ORDERED. 1935 02:32:25,001 --> 02:32:27,000 MR. REID: MR. PRESIDENT, I ASK UNANIMOUS CONSENT THAT THE 1936 02:32:27,001 --> 02:32:28,000 SENATE PROCEED TO A PERIOD OF 1937 02:32:28,001 --> 02:32:29,000 MORNING BUSINESS AND SENATORS 1938 02:32:29,001 --> 02:32:30,000 ALLOWED TO SPEAK FOR UP TO 10 1939 02:32:30,001 --> 02:32:31,000 MINUTES EACH. THE PRESIDING OFFICER: WITHOUT 1940 02:32:31,001 --> 02:32:33,000 OBJECTION, SO ORDERED. MR. REID: I ASK UNANIMOUS 1941 02:32:33,001 --> 02:32:34,000 CONSENT THAT THE SENATE PROCEED 1942 02:32:34,001 --> 02:32:36,000 TO EXECUTIVE SESSION AND THAT 1943 02:32:36,001 --> 02:32:38,000 THE AGRICULTURAL COMMITTEE BE 1944 02:32:38,001 --> 02:32:42,000 DISCHARGED EN BLOC FROM FURTHER 1945 02:32:42,001 --> 02:32:47,000 CONSIDERATION OF 1946 02:32:47,001 --> 02:32:49,000 P.N.-268, P.N.356, P.N.-357 AND 1947 02:32:49,001 --> 02:32:51,000 THE SNA PLOD EN BLOC TO THEIR 1948 02:32:51,001 --> 02:32:55,000 CAN THE NOMINATIONS BE CONFIRMED 1949 02:32:55,001 --> 02:32:57,000 AND 1950 02:32:57,001 --> 02:32:58,000 NO FURTHER MOTIONS IN ORDER, ANY 1951 02:32:58,001 --> 02:33:00,000 STATEMENTS RELATED TO THE 1952 02:33:00,001 --> 02:33:01,000 NOMINEE NEIGHS AP 1953 02:33:01,001 --> 02:33:03,000 APPROPRIATE PLACE IN THE RECORD 1954 02:33:03,001 --> 02:33:05,000 AS IF READ, THE PRESIDENT BE 1955 02:33:05,001 --> 02:33:07,000 PLEADLY NOTIFIED OF THE SENATE'S ACTION. THE PRESIDING OFFICER: WITHOUT 1956 02:33:07,001 --> 02:33:10,000 OBJECTION, SO ORDERED. MR. REID: I ASK UNANIMOUS 1957 02:33:10,001 --> 02:33:14,000 CONSENT THAT THE SENATE CONSIDER 1958 02:33:14,001 --> 02:33:15,000 CALENDAR NUMBERS 79, 12 THE, 130 1959 02:33:15,001 --> 02:33:17,000 130131 AND 133. 1960 02:33:17,001 --> 02:33:19,000 THE NOMINATIONS BE CONFERRED EN 1961 02:33:19,001 --> 02:33:20,000 BLOC, THE MOTIONS TO RECONSIDER 1962 02:33:20,001 --> 02:33:22,000 BE LAID ON THE TABLE EN BLOC, NO 1963 02:33:22,001 --> 02:33:25,000 FURTHER MOTIONS BE IN ORDER, ANY STATEMENTS RELATED TO THE 1964 02:33:25,001 --> 02:33:26,000 NOMINEE NEIGHS APPEAR AT THE 1965 02:33:26,001 --> 02:33:28,000 APPROPRIATE PLACE IN THE RECORD 1966 02:33:28,001 --> 02:33:29,000 AS IF GIVEN, THE PRESIDENT BE 1967 02:33:29,001 --> 02:33:30,000 IMMEDIATELY NOTIFIED OF THE 1968 02:33:30,001 --> 02:33:32,000 SE 1969 02:33:32,001 --> 02:34:02,000 THEN RESUME LEGISLATIVE SESSION THE PRESIDING OFFICER: WITHOUT 1970 02:34:02,001 --> 02:34:03,000 OBJECTION, SO ORDERED. 1971 02:34:03,001 --> 02:34:04,000 MR. REID: 1972 02:34:04,001 --> 02:34:05,000 THE PRESIDING OFFICER: THE 1973 02:34:05,001 --> 02:34:06,000 MAJORITY LEADER. 1974 02:34:06,001 --> 02:34:07,000 MR. REID: I ASK UNANIMOUS 1975 02:34:07,001 --> 02:34:09,000 CONSENT THAT THE RULES COMMITTEE 1976 02:34:09,001 --> 02:34:10,000 BE BE DISCHARGED FROM FURTHER 1977 02:34:10,001 --> 02:34:11,000 CONSIDERATION OF H. CON. RES. 1978 02:34:11,001 --> 02:34:12,000 38. 1979 02:34:12,001 --> 02:34:13,000 THE PRESIDING OFFICER: WITHOUT 1980 02:34:13,001 --> 02:34:15,000 OBJECTION. 1981 02:34:15,001 --> 02:34:16,000 THE CLERK WILL REPORT. 1982 02:34:16,001 --> 02:34:20,000 THE CLERK: H. CON. RES. 38, 1983 02:34:20,001 --> 02:34:21,000 AUTHORIZING THE USE OF THE 1984 02:34:21,001 --> 02:34:23,000 PEACE OFFICERS' 1985 02:34:23,001 --> 02:34:28,000 SERVICE. THE PRESIDING OFFICER: IS 1986 02:34:28,001 --> 02:34:30,000 THERE OBJECTION TO PROCEEDING? WITHOUT OBJECTION, THE COMMITTEE 1987 02:34:30,001 --> 02:34:32,000 IS DISCHARGED AND THE SENATE 1988 02:34:32,001 --> 02:34:34,000 MR. REID: ASK UNANIMOUS 1989 02:34:34,001 --> 02:34:35,000 CONSENT THAT THE CONCURRENT 1990 02:34:35,001 --> 02:34:36,000 RESOLUTION BE AGREED TO, THE 1991 02:34:36,001 --> 02:34:37,000 MOTION TO RECONSIDER BE LAID ON 1992 02:34:37,001 --> 02:34:38,000 THE TABLE, ANY STATEMENTS 1993 02:34:38,001 --> 02:34:39,000 RELATING TO THIS MATTER APPEAR 1994 02:34:39,001 --> 02:34:41,000 AT THE 1995 02:34:41,001 --> 02:34:43,000 RECORD AS IF READ. THE PRESIDING OFFICER: WITHOUT 1996 02:34:43,001 --> 02:34:44,000 OBJECTION, SO ORDERED. MR. REID: I ASK UNANIMOUS 1997 02:34:44,001 --> 02:34:46,000 CONSENT THAT THE JUDICIARY 1998 02:34:46,001 --> 02:34:47,000 COMMITTEE BE DISCHARGED FROM 1999 02:34:47,001 --> 02:34:50,000 CONSIDERATION OF -- FURTHER 2000 02:34:50,001 --> 02:34:51,000 CONSIDERATN OF S. RES. 121. 2001 02:34:51,001 --> 02:34:53,000 CLERK WILL REPORT. 2002 02:34:53,001 --> 02:34:56,000 THE CLERK: S. RES. 121, 2003 02:34:56,001 --> 02:35:00,000 DESIGNATING MAY 15, 2009, AS 2004 02:35:00,001 --> 02:35:01,000 ENDANGERED SPECIES DAY. THE PRESIDING OFFICER: IS 2005 02:35:01,001 --> 02:35:04,000 THERE OBJECTION TO PROCEEDING TO 2006 02:35:04,001 --> 02:35:06,000 THE MEASURE? 2007 02:35:06,001 --> 02:35:08,000 WITHOUT OBJECTION, THE COMMITTEE 2008 02:35:08,001 --> 02:35:09,000 IS DISCHARGED A THE SENAT 2009 02:35:09,001 --> 02:35:10,000 MR. REID: I ASK UNANI 2010 02:35:10,001 --> 02:35:11,000 CONSENT THAT THE RESOLUTION BE 2011 02:35:11,001 --> 02:35:14,000 AGREED TO, THE PREAMBLE BE 2012 02:35:14,001 --> 02:35:15,000 AGREED TO, THE MOTIONS TO 2013 02:35:15,001 --> 02:35:16,000 RECONSIDER BE LAID ON THE TABLE, 2014 02:35:16,001 --> 02:35:18,000 THERE BE IN INTERVENING ACTION 2015 02:35:18,001 --> 02:35:20,000 OR DEBATE, AND ANY STATEMENTS 2016 02:35:20,001 --> 02:35:22,000 RELATING TO THIS MATTER APPEAR AT THE APPROPRIATE PLACE IN THE 2017 02:35:22,001 --> 02:35:23,000 RECORD AS IF READ. 2018 02:35:23,001 --> 02:36:10,000 THE PRESIDING OFFICER: WITHOUT 2019 02:36:10,001 --> 02:36:13,000 OBJECTION, SO ORDERED. 2020 02:36:13,001 --> 02:36:20,000 MR. REID: M.P.S -- THE WORD IS 2021 02:36:20,001 --> 02:36:22,000 HARD TO PRONOUNCE. 2022 02:36:22,001 --> 02:36:23,000 I COMMEND THE SENATORS FOR 2023 02:36:23,001 --> 02:36:26,000 MOVING THIS FORWARD 2024 02:36:26,001 --> 02:36:30,000 IT'S A VERY COMPLEX PROBLEM THAT 2025 02:36:30,001 --> 02:36:34,000 MANY PEOPLE HAVE AND MORE 2026 02:36:34,001 --> 02:36:35,000 AWARENESS SHOULD BE MADE OF CONDITION. 2027 02:36:35,001 --> 02:36:37,000 AS A RESULT OF THIS, I'M 2028 02:36:37,001 --> 02:36:38,000 CONFIDENT AND HOPEFUL THAT 2029 02:36:38,001 --> 02:36:40,000 BECAUSE THIS RESOLUTION PASSED, 2030 02:36:40,001 --> 02:36:43,000 FROM WILL BE MORE MEDICAL 2031 02:36:43,001 --> 02:36:44,000 RESEARCH ABOUT THIS CONDITION. 2032 02:36:44,001 --> 02:37:06,000 M.P.S. 2033 02:37:06,001 --> 02:37:07,000 I ASK CONSENT MR. REID: I ASK UNANIMOUS 2034 02:37:07,001 --> 02:37:08,000 CONSENT THAT THE RESOLUTION BE 2035 02:37:08,001 --> 02:37:09,000 AGREED TO, THE PREAMBLE BE AGREED TO, THE MOTIONS TO 2036 02:37:09,001 --> 02:37:11,000 RECONSIDER BE LAID ON THE TABLE, 2037 02:37:11,001 --> 02:37:12,000 THERE BE IN INTERVENING ACTION 2038 02:37:12,001 --> 02:37:13,000 OUR DEBATE AND ANY STATEMENTS 2039 02:37:13,001 --> 02:37:15,000 RELATING 2040 02:37:15,001 --> 02:37:16,000 AT THE APPROPRIATE POLICE IN THE 2041 02:37:16,001 --> 02:37:17,000 RECORD AS IF 2042 02:37:17,001 --> 02:37:18,000 THE PRESIDING OFFICER: WITHOUT 2043 02:37:18,001 --> 02:37:19,000 OBJECTION, SO ORDERED. 2044 02:37:19,001 --> 02:37:22,000 MR. REID: I ASK CONSENT THAT 2045 02:37:22,001 --> 02:37:23,000 WE NOW PROCEED TO S. RES. 145. THE PRESIDING OFFICER: THE 2046 02:37:23,001 --> 02:37:26,000 CLERK WILL REPORT. 2047 02:37:26,001 --> 02:37:28,000 TH 2048 02:37:28,001 --> 02:37:32,000 DESIGNATING THE WEEK 2049 02:37:32,001 --> 02:37:35,000 THROUGH MAY 23, 2050 02:37:35,001 --> 02:37:36,000 NATIONAL PUBLIC WORKS WEEK. 2051 02:37:36,001 --> 02:37:37,000 THE 2052 02:37:37,001 --> 02:37:38,000 THERE OBJECTION TO PROC 2053 02:37:38,001 --> 02:37:41,000 THE MEASURE? 2054 02:37:41,001 --> 02:37:42,000 WILL PRO MR. REID: I ASK UNANIMOUS 2055 02:37:42,001 --> 02:37:43,000 CONSENT THAT THE RESOLUTION BE 2056 02:37:43,001 --> 02:37:45,000 AGREED TO, THE PREAMBLE BE 2057 02:37:45,001 --> 02:37:46,000 AGREED TO, THE MOTIONS TO 2058 02:37:46,001 --> 02:37:47,000 RECONSIDER BE LAID ON THE TABLE, 2059 02:37:47,001 --> 02:37:49,000 THERE BE IN INTERVENING ACTION 2060 02:37:49,001 --> 02:37:52,000 OR DEBATE, AND ANY STATEMENTS 2061 02:37:52,001 --> 02:37:53,000 PLACED IN THE RECORD AT THE 2062 02:37:53,001 --> 02:37:54,000 APPROPRIATE PLACE AS IF GIVEN. 2063 02:37:54,001 --> 02:37:55,000 THE PRESIDING OFFICER: WITHOUT 2064 02:37:55,001 --> 02:37:57,000 OBJECTN, SO 2065 02:37:57,001 --> 02:37:58,000 MR. REID: MR. PRESIDENT, I ASK 2066 02:37:58,001 --> 02:37:59,000 UN 2067 02:37:59,001 --> 02:38:01,000 SENATE COMPLETES ITS BUSINESS 2068 02:38:01,001 --> 02:38:03,000 TODAY IT ADJOURN UNTIL 9:30 2069 02:38:03,001 --> 02:38:05,000 TOMORROW MORNING WEDNESDAY, MAY 2070 02:38:05,001 --> 02:38:06,000 13, FOLLOWING THE PRAYER AND 2071 02:38:06,001 --> 02:38:08,000 PLEDGE, THE JOURNAL OF PROCEEDINGS BE APPROVED TO DATE, 2072 02:38:08,001 --> 02:38:10,000 THE THE MORNING HOUR BE DEEMED 2073 02:38:10,001 --> 02:38:11,000 EXPIRED, THE TIME FOR THE TWO 2074 02:38:11,001 --> 02:38:12,000 LEADERS BE RESERVED FOR THEIR 2075 02:38:12,001 --> 02:38:13,000 USE LATER IN THE DAY, THE SENATE 2076 02:38:13,001 --> 02:38:16,000 PROCEED TO EXECUTIVE SESSION 2077 02:38:16,001 --> 02:38:17,000 WITH ONE HOUR FOR DEBATE EQUALLY 2078 02:38:17,001 --> 02:38:18,000 DIVIDED AND CONTROLLED BETWEEN 2079 02:38:18,001 --> 02:38:33,000 THE TWO LEADERS OR THEIR 2080 02:38:33,001 --> 02:38:35,000 DESIGNEES 2081 02:38:35,001 --> 02:38:36,000 OR YIELDING BACK OF TIME, THE 2082 02:38:36,001 --> 02:38:40,000 SENATE VOTE ON THE MOTION TO 2083 02:38:40,001 --> 02:38:41,000 INVOKE CLOTURE NOMINATION. 2084 02:38:41,001 --> 02:38:42,000 THE PRESIDING OFFICER: WITHOUT 2085 02:38:42,001 --> 02:38:43,000 OBJECTION, SO ORDERED. 2086 02:38:43,001 --> 02:38:45,000 MR. REID: I ALSO ASK CONSENT 2087 02:38:45,001 --> 02:38:48,000 THAT THE SENATE RECESS FROM 2088 02:38:48,001 --> 02:38:49,000 12:30 TO 1:30 TOMORROW FOR A DEMOCRATIC CAUCUS. 2089 02:38:49,001 --> 02:38:52,000 THE PRESIDING OFFICER: WITHOUT 2090 02:38:52,001 --> 02:38:54,000 OBJECTION, SO ORDERED. MR. REID: MR. PRESIDENT, SO 2091 02:38:54,001 --> 02:38:59,000 WE'RE GOING TO COME IN TOMORROW MORNING. 2092 02:38:59,001 --> 02:39:00,000 WE'LL VOTE AT APPROXIMATELY 2093 02:39:00,001 --> 02:39:02,000 10:30 WHETHER OR NOT WE'RE GOING 2094 02:39:02,001 --> 02:39:03,000 TO 2095 02:39:03,001 --> 02:39:05,000 TO INVOKE CLOTURE ON HAYES, 2096 02:39:05,001 --> 02:39:08,000 WHICH IS A VERY IMPORTANT 2097 02:39:08,001 --> 02:39:09,000 NOMINATION FOR SECRETARY SALAZAR SALAZAR. 2098 02:39:09,001 --> 02:39:11,000 WE'RE GOING TO HAVE A RECESS 2099 02:39:11,001 --> 02:39:12,000 FROM 12:30 TO 1:30. 2100 02:39:12,001 --> 02:39:13,000 WE HAVE A SPECIAL DEMOCRATIC 2101 02:39:13,001 --> 02:39:15,000 CAUCUS WHE 2102 02:39:15,001 --> 02:39:17,000 PRESIDENT'S PEOPLE WILL BE 2103 02:39:17,001 --> 02:39:18,000 GIVING US SOME INFORMATION THAT 2104 02:39:18,001 --> 02:39:21,000 THEY FEEL IS IMPORTANT AND WE 2105 02:39:21,001 --> 02:39:23,000 FEEL IS IMPORTANT. 2106 02:39:23,001 --> 02:39:25,000 TOMORROW NIGHT AT 2107 02:39:25,001 --> 02:39:29,000 SHOULD BE REMINDED THAT THERE'S 2108 02:39:29,001 --> 02:39:31,000 A SPOUSE'S -- A SPOUSES 2109 02:39:31,001 --> 02:39:32,000 DINNER -- THAT MEANS SENATORS, BOTH DEMOCRATS AND REPUBLICANS 2110 02:39:32,001 --> 02:39:35,000 WITH THEIR SPOUSES. 2111 02:39:35,001 --> 02:39:36,000 WE'LL HAVE A VERY NICE DINNER AT 2112 02:39:36,001 --> 02:39:37,000 BOTANICAL GARDENS. 2113 02:39:37,001 --> 02:39:40,000 THIS IS DONE EVERY YEAR 2114 02:39:40,001 --> 02:39:41,000 FOLLOWING THE FIRST LADY'S 2115 02:39:41,001 --> 02:39:42,000 LUNCHEON. 2116 02:39:42,001 --> 02:39:45,000 IT'S A GOOD NIGHT TO GET OUT AND 2117 02:39:45,001 --> 02:39:46,000 FOR US TO MEET IN A 2118 02:39:46,001 --> 02:39:50,000 NONADVERSARIAL ROLE. 2119 02:39:50,001 --> 02:39:51,000 IT'S THE BOTANICAL GARDENS, 2120 02:39:51,001 --> 02:39:52,000 JUST A REMARKABLY BEAUTIFUL 2121 02:39:52,001 --> 02:39:53,000 PLACE. 2122 02:39:53,001 --> 02:39:54,000 SO, MR. PRESIDENT, IF THERE'S NO 2123 02:39:54,001 --> 02:39:56,000 FURTHER BUSINESS TO COME BEFORE 2124 02:39:56,001 --> 02:39:57,000 THE SENATE, I ASK THAT IT 2125 02:39:57,001 --> 02:39:58,000 ADJOURN UNDER THE PREVIOUS 2126 02:39:58,001 --> 02:40:00,000 ORDER. THE PRESIDING OFFICER: THE 2127 02:40:00,001 --> 02:40:02,000 SENATE STANDS ADJOURNED UNTIL